Writers' Group Film Corp. Announces Execution of Definitive Term Sheet for New Acquisition of Amiga Games Inc.
LOS ANGELES, CA--(Marketwired - Jul 8, 2013) - Writers' Group Film Corp. (OTCQB: WRIT) a Los Angeles-based content distribution company, announced that it has signed a binding definitive term sheet for the acquisition of Amiga Games Inc. ("AGI"), a company which licenses classic video game libraries and re-publishes the most popular titles for smartphones, modern game consoles, PCs, and tablets. Leveraging the intellectual property of Amiga Inc., AGI builds on the "Amiga" brand and technology to create new revenue from publisher's dormant game libraries. AGI resurrects classic Amiga games and other classic titles, by giving them new life on today's gaming platforms: smartphones, PCs, consoles, and tablets. Older gamers can replay favorites from the past, while a new generation of gamers can experience these excellent titles as fresh content.
The Amiga Games Inc. transaction consists of the acquisition of 100% of the common stock in Amiga Games Inc. in exchange for Writers' Group common stock and cash valued at approximately $500,000. The 300+ gaming titles to be distributed by Amiga Games are available to the company under existing licensing agreements with various intellectual property owners. Writers' Group will be making additional announcements over the next several weeks regarding Amiga Games' new and existing distribution arrangements with the best-selling smartphone, tablet and other device manufacturers.
Eric Mitchell, Chairman and CEO of Writers' Group commented, "We are pleased to be working with this well-managed game developer and distributor, and we are excited that we are participating in their growth story through this acquisition. We believe Amiga Games has an established value proposition that can enhance both revenues and returns to our bottom line."