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Thursday, November 19, 2015 1:34:41 PM
Elite Media Holdings is the media subsidiary of Armada Enterprises, a diversified holding company in the sectors of Media, Hotels & Resorts, Charter Aviation & Aerospace, Marinas and Marine Salvage, Energy and Racing Sports. The sectors will be consolidated into a publicly traded partnership (“PTP”) whose limited partnership interests (“Armada LP Units”) will be senior listed and pay a 5% minimum annual distribution.
After the closing, Elite shall contribute its media production assets to Wowio and will form special purpose vehicles for each of movies and shows as subsidiaries of Wowio. Elite will also contribute a digital marketing company to Wowio.
Elite will also provide backing to close on Wowio management’s targeted acquisition, which management believes when combined with its e-book ad delivery system and Elite’s digital marketing company will enable Wowio to launch its e-book platform.
Elite is not acquiring its Wowio interest for cash, but it has committed to fund Wowio both for media production and for targeted acquisitions. Stay tuned for further details on those plans.
When will the Elite shares be liquid?
Elite’s membership units also pay a 5% minimum annual distribution, paid out quarterly. They will be converted into into the Armada LP Units and become listed on a senior exchange. Management anticipates this happening in the first quarter of 2016. Regardless of when the conversion to Armada LP Units finally takes place, Elite’s membership Units will begin paying their quarterly distributions at the end of the 1st Quarter of 2016.
The $1.8M dollars worth of Elite membership units will dividended out to the pre-closing Wowio common shareholders either distributed out directly or in redemption for a preferred share that is distributed and then redeemed.
Will there be a reverse:
Management is contemplating a reverse however given when the last reverse was completed, it is not clear FINRA will such reverse to take place. The distribution of the $1.8M in Elite Media membership units to the Wowio shareholders was designed to offset the upcoming and previous reverse. The minimum distributions on these units in 2016 alone will be $90,000.00.
Management is anticipating that the reverse ratio will be 1,000 to 1 but this may be reduced depending on the WWIO common share price at the time the reverse is completed.
Will the A/S be reduced:
This depends on the timing of the reverse. Wowio needs available equity to complete its targeted acquisitions, however Elite will also make its equity available to sellers of Wowio’s acquisition targets in order to help effect the deals.
What are the plans for the websites?
StudioWdigital will be relaunched. As we effect the acquisition, It will eventually be incorporated into the Armada/Elite chain of websites. Stay tuned for further details.
Cheers,
Robert H. Estareja, CEO
Studio W/WOWIO
9107 Wilshire Blvd., Suite 450
Beverly Hills, CA 90210
http://www.studiowdigital.com
310 / 272-7988 Main | (626) 636-7750 - Direct | (310) 276-2799 – Fax
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