SOURCE: WRIT Media Group, Inc.

June 27, 2016 08:30 ET

WRIT Media Group Launches Bitcoin Alternative, Pelecoin

LOS ANGELES, CA--(Marketwired - Jun 27, 2016) - WRIT Media Group, Inc. (OTCQB: WRIT) today announces the formal launch of Pelecoin -- a unique digital currency and the first product in a family of unprecedented cryptocurrency and Blockchain technology solutions, acquired through the previously announced Pandora Venture Capital transaction.

"We are pleased to introduce to market our unique Pelecoin technology, and look forward to the potential it creates not only for WRIT Media and company shareholders, but for the broader digital currency space as well," said president and CEO Eric Mitchell. "There are several advantageous ways Pelecoin differs from other digital currencies on the market, and we're excited to be part of the many advances taking place in cryptocurrency."

What is PELECOIN and why is it different?

Pelecoin is a cryptocurrency platform that provides secure digital currency products and services -- including wallets, exchanges, loyalty rewards, and merchant integration -- to consumers and businesses around the globe. The online platform allows users to send money to any Pelecoin wallet; send and receive Pelecoins; shop online; and to store Pelecoins. The platform also enables merchants and payment platforms to accept Pelecoin digital currency.

In the current digital currency landscape, "rules of emission" prevent existing digital currencies from becoming more widely distributed and used. All known systems generate new coins (emission) in a manner that disregards the currency's market value. For example, Bitcoin generates 5 coins per minute while Litecoin generates 25 coins per minute, on a permanent basis without regard to the current value of the currency.

Additionally, new coins are distributed between active users (miners) whose computers participate in the generation process. This model obligates the users to have not only a very deep knowledge of software programming, but also expensive computer equipment. As time passes, the process becomes more sophisticated and expensive, and less accessible to new miners.

Pelecoin's emission system differs in that it is based on a simple proprietary algorithm, making it accessible to all and clear to its users. The system generates Pelecoins based upon a set of rules and events that increase the currency's worth, such as: new user registration; acceptance of Pelecoin for real goods or services; and trade between Pelecoins and real currencies (USD, Euro, etc.).

The initial distribution of newly generated coins is based on user's participation in an event. The emission and distribution of coins follow simple rules, allowing unexperienced users to actively participate in the process and to earn significant amounts of coin in a short period of time. Instead of complicated searches for crypto configurations demanded by other crypto currency systems, Pelecoin automatically increases your account based upon your participation in a simple "value" event.

How Does PELECOIN Work?

New users can register online for Pelecoin, as well as fund their wallet and gain access to the platform's services, by completing a simple new user registration here: Pelecoin Registration (http://www.pelecoin.com/join.aspx?ref=bb3b24dd-dd9f-44d9-838d-0bcd5e902c33). The main dashboard includes terms of service, emission rules, frequently asked questions, and the user's Pelecoin account balance. The dashboard will also provide users with their own account ID, and describe ways to facilitate "value" events to increase their account balance. Each new user will receive 1,000 Pelecoins to get started.

About Writ Media Group

WRIT Media Group, Inc. (OTCQB: WRIT) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions.

The Company's portfolio of wholly owned businesses includes:

  • Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming;
  • Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles;
  • Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and
  • Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions.

Cautionary Note Regarding Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Pandora Venture Capital Corp., Pelecoin and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners.

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