Momentous Entertainment Group (fka MMEG)

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StudiVZ and MeinVZ: US company wants to take over Poolworks
Heise online
30.11.2016 18:05 Uhr Volker Briegleb

https://www.heise.de/newsticker/meldung/StudiVZ-und-MeinVZ-US-Unternehmen-will-Poolworks-uebernehmen-3522356.html

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The website of the Momentous Entertainment Group. (Picture: screenshot)
A previously unknown US media company wants to take over the networks StudiVZ and MeinVZ bundled in the Berliner Poolworks GmbH allegedly for 10 million dollars. The deal raises questions.
The German social networks StudiVZ and MeinVZ change again the owner. A US media company wants to take over the owner company poolworks of financial investor Vert Capital. The Momentous Entertainment Group (MMEG) is about to pay $ 10 million in preference shares, the company said on Tuesday in Las Vegas. The deal is to be completed by the end of the year, it continued.
Relaunch of networks?
According to own data, MMEG is a media company that develops TV formats, produces music and organizes concerts. In addition, the Momentous Group is active in direct marketing. With the takeover of MMEG to expand into the German market, company founder Kurt Neubauer can be cited in the announcement. Neubauer also promises to redesign and expand the platforms.
StudiVZ and its later offshoots were founded as a Facebook clone by a team led by CEO Ehssan Dariani in Berlin. In its best time the platforms of the VZ networks had almost 17 million registered users. In 2007 the Holtzbrinck publishing house took over the majority of the company. After the entry of Facebook into the German market, Holtzbrinck rose again and sold StudiVz and MeinVZ to Vert Capital, which changed the VZ networks into poolworks.
Holtzbrinck calls for millions
In July, Poolworks was also subject to a lawsuit against the Holtzbrinck Group, which reclaimed 3 million euros from liabilities to a telecommunications company. Around 10 million registered users are still to have the VZ networks, but according to media reports of last year, however, only one million still active. According to the latest available annual report, Poolworks made a loss of just under 3 million euros in 2013. In addition, liabilities in excess of € 40 million had been incurred, which were offset by assets of around € 20 million.
The new owner MMEG is a holding company, with one to three employees based in Houston, Texas, and registered in the state of Nevada. The shares of the company are traded as a penny stock in the largely unregulated over the counter market. MMEG has received a $ 3 million commitment from Southridge Partners in July. Apart from this, the company's last annual report for the third quarter of 2016 shows a loss of $ 58,114 without any sales. What has been growing steadily since 2015 is the number of shares issued.
Who is the Momentous Entertainment Group?
MMEG had already reached an agreement with Poolworks in July and wanted to build a streaming platform for the networks. In addition, MMEG should provide users of the networks with "Hollywood-quality film and television content". What comes of it is open. The media company had recently secured rights for the development of a reality TV series about Nascar legend Dale Earnhardt with a grandson of the racing driver. MMEG also produces Christian music and has entered the event business. In addition, MMEG is active in direct marketing, inter alia with "infomercials" in TV, radio and internet.
It is completely unclear whether the new owner can implement his plans and what that means for Poolworks GmbH and its employees. In the end, it was reported that around 15 permanent and freelance employees would be employed at the Berlin site. The company could not be reached for an opinion. (Vbr)