Huge News for $
: Momentous Entertainment Group Negotiates Creditor Settlement for Poolworks Debt and Closes on German Social Networks studiVZ and meinVZ Acquisition
Social Media Acquisition Expands Distribution in Germany, Switzerland and Austria
LAS VEGAS, NV -- (Marketwired) -- 02/08/17 -- Momentous Entertainment Group, Inc. ("Momentous" (OTCBB: MMEG), a diversified media company with a focus on technology that creates, produces and distributes quality content across various media platforms, announced today that it has reached an agreement with Poolworks' major creditor and executed a definitive agreement resulting in the completion of the acquisition of Poolworks Germany Ltd ("Poolworks" , one of the largest social media companies in Europe with its social networks studiVZ and meinVZ, for $10 million in preferred stock.
The studiVZ platform was founded in 2005 in Berlin and received investment capital from Lukasz Gadowski, Georg von Holtzbrinck Publishing Group and the Samwer brothers. It was acquired along with meinVZ by Georg von Holtzbrinck Publishing Group in 2007 for 85 million euros and then by financiers Michael Pope and Adam Levin in 2012. Today, studiVZ and meinVZ has nearly 10 million registered users and over 40M ad impressions, largely in the German-speaking countries of Germany, Switzerland and Austria.
Momentous is committed to relaunching the Poolworks web and mobile platforms to increase user engagement and retention. Users will see expanded video features such as a new OTT streaming service and an easy-to-use e-commerce capabilities to attract a wider audience and additional revenue. The executive team at Momentous is committed to maintaining a strong focus on information security for its users, something that competing German social networks continue to neglect.
Momentous' CEO, Kurt Neubauer, stated, "Our management team was very concerned when we came to understand the gravity of the credit issues with Poolworks. But, after a number of discussions and negotiations, Momentous' management has reached a settlement agreement with the Poolworks creditor. We are very pleased that the creditor was willing to come to the table and negotiate a positive solution for the Company and its shareholders." Mr. Neubauer also stated, "This has allowed Momentous the ability to close on the acquisition and begin to advance Poolworks' social media system to enhance its users' experiences by offering new features such as our streaming media services and other industry leading product enhancements."