LAS VEGAS, July 12, 2016 /PRNewswire/ - MEDIATECHNICS CORPORATION (OTC: MEDT) is pleased to announce today that it intends to spin off its subsidiary BlazeNow Inc. (BlazeNow). MEDT plans to distribute the majority of stock that it holds in BlazeNow (approximately 98%) to the holders of its common and preferred stock during the next few months and currently anticipates an Ex-Dividend Date (Ex-Date) of August 15, 2016. Under our current plans, shareholders eligible to receive a dividend will hold both MEDT stock and BlazeNow stock.
In further news, BlazeNow has entered into negotiations to sell shares under the SEC's new Regulation A, Tier II rules (Reg. A+). If our prospective Reg. A+ offering is approved by the SEC, the company would be able to sell up to $50,000,000 in stock, all of which would be free trading to accredited, and non-accredited investors alike. BlazeNow could use general advertising, and a broker/dealer may file a Form 211 on our behalf and, if approved, the stock of BlazeNow would trade as its own public company. We expect a substantially higher pre-money valuation when and if our Reg. A+ is approved. Reg. A+ requires audited financial statements. June 30 marks the end of BlazeNow's fiscal year and BlazeNow believes it will have its FY 2016 audit completed on or around August 15, 2016.
In order to be eligible to receive a dividend, a MEDT shareholder will need to hold a minimum number of MEDT Common Stock shares at the Ex-Date (the, "Threshold Shares"). Management projects the Threshold Shares will be 10,000,000 shares.
BlazeNow currently has just over 50,000,000 shares outstanding at this time. The projected minimum distribution to each shareholder that holds Threshold Shares on the Ex-Date will be 25,000 BlazeNow shares. BlazeNow is currently raising capital under its 506(c) at a price of $0.60 per share.
The definitive Ex-Dividend Date, the Threshold Shares, and other data will be released during the coming weeks.
ABOUT BLAZENOW INC.
BlazeNow Inc., a subsidiary of MediaTechnics, is poised to become a leader in the way cannabis connoisseurs access delivery services, head shops, dispensaries and doctors, BlazeNow Inc. has released its BlazeNow™ app (www.blazenow.com) for use by cannabis business owners and consumers. The app enables business owners to provide accurate and up to date information to consumers and provides a much needed advertising tool for small businesses, and up and coming cannabis brands.
Be sure to visit the company's websites: www.blazenow.com to sign up for the company's EMAILALERTS to stay current on news.
ABOUT MEDIATECHNICS CORPORATION
MediaTechnics Corporation (OTC PINK: MEDT) (http://www.bloomberg.com/quote/MEDT:US) and our subsidiary BlazeNow Inc, specialize in providing ancillary products and services to the medical and recreational Cannabis industries. Our management will utilize industry experience to target the areas of the market with the highest profit potentials. We believe in the future legitimacy and profitability of the industry based on recent studies showing bi-partisan support of Cannabis legalization.
Be sure to visit the company's website at www.medtcorp.com and sign up for the company's EMAIL ALERTS to stay current on news.
Twitter: @MediaTechnics, or
This press release contains forward-looking statements that involve risks and uncertainties. Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), and it is the Company's intention and belief that all such statements are covered by the safe harbors created by the Act.
Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," may," "should" and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.
SOURCE MediaTechnics Corporation