LOS ANGELES, Feb. 23, 2012 /PRNewswire/ -- Writers' Group Film Corp. (OTCQB: WRIT) and its wholly-owned subsidiary Front Row Networks, Inc., a Los Angeles-based 3D concert production and distribution company, announced today that its current and former officers and directors have been released from the lawsuit initiated by the Plaintiff on May 16, 2011.
Although allegations were originally made against current and former directors and officers of Writers' Group Film Corp., the same officers and directors of Writers' Group which were initially named were subsequently dismissed after depositions were taken. It was determined by the Plaintiff that no personal wrongdoing by the current and former officers and directors of Writers' Group had been found, and that no false statements had been found in any of the press releases actually made by the officers and directors of the Company. Writers' Group states emphatically that the press releases made by the Company were accurate. The officers and/or directors of Writers' Group will continue to monitor the situation to ensure that any and all future press releases will be accurate. Any persons with questions about the details of this press release, or any future press releases, are encouraged to contact the Company itself. WRIT maintains that it is not responsible for stock tips or statements of third parties, or statements by bloggers on internet sites, and that the correct source for information about WRIT, or any company, are the statements released by the company itself.
"We are pleased with this development and intend to move forward with a renewed focus on our company's core business opportunities" said John Diaz, Chairman and CEO of Writers' Group Film Corp.
Front Row Networks is a live concert production and distribution company which produces live concerts in 3D for initial digital broadcast into movie theaters in North America. Following their theatrical run, the films are then licensed to US and international broadcasters, pay channels, PPV markets, DVD and Blu-Ray distributors, and sold on the internet as downloads.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements and as such, speak only as of the date made. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in the Company's latest 10-K filed August 24, 2011.
SOURCE Writers' Group Film Corp.