Momentous Entertainment Group Inc (OTCMKTS:MMEG) has reached a deal with Poolworks’ major creditor and finalized a definitive deal resulting in the closure of the purchase of Poolworks Germany, one of the leading social media firms in Europe with related social networks meinVZ and studiVZ, for $10 million in preferred equity.

The details

The studiVZ platform was established in 2005 in Berlin and obtained investment capital from Lukasz Gadowski, the Samwer brothers and Georg von Holtzbrinck Publishing Group. It was bought jointly by meinVZ and Georg von Holtzbrinck in 2007 and then by financiers Adam Levin and Michael Pope in 2012. Today, meinVZ and studiVZ has nearly 10 million users and more than 40 million ad impressions, mainly in the German-speaking nations of Germany, Austria and Switzerland.

Momentous is dedicated to relaunching the Poolworks mobile and web platforms to enhance user engagement and retention. Customer can see expanded video characteristics like a new OTT streaming service and convenient e-commerce capabilities to draw a wider audience and increased revenue. Momentous executive team is committed to maintaining focus on information security for customers, something that rival German social networks remain to neglect.

Kurt Neubauer, the CEO added that the management team extremely concerned when they came to understand the severity of the credit problems with Poolworks. But, after numerous negotiations and discussions, Momentous’ management has finalized a settlement deal with the Poolworks creditor.

Neubauer added that they are exceedingly pleased that the creditor was ready to come to the table and discuss a positive solution for the firm and its shareholders. This has given Momentous the ability to complete the acquisition and start to develop Poolworks’ social media setup to enhance users’ experiences by advancing new features such as the streaming media facilities and other industry major product enhancements.

In the last trading session, the stock price of Momentous gained 180% to close the session at $0.00420.