NEW YORK, April 4, 2013 /PRNewswire/ -- VGTel, Inc. (OTCQB: VGTL), closed its fiscal year (March 31) with a significant acquisition in the digital gaming industry of the assets of a company operating in multiple US markets. With this acquisition, VGTel has operating income greater than $200,000 per month from existing operations. "This is a strong initial breakthrough," announced Company CEO, Peter Shafran. "We believe that we now have the resources and management team to fuel the rapid expansion of this business by at least 200% by the end of our second quarter," added Shafran. In addition to the assets already in operation in the field, the acquisition included enough ready-to-be-shipped gaming equipment to supplement our customers' inventories, as well as provide for considerable expansion into other States and territories, as regulations allow.
Shafran explained, "When this opportunity became available to us, we acted swiftly to acquire the assets. We are working with existing management and personnel to increase market share and penetration in new markets by identifying target customers, operators and distributors who fall within the company criteria and regulatory guidelines. We intend to market our products throughout the US and have also been developing strategic alliances and partnerships with groups in other countries, where favorable."
VGTel had recently been in negotiations to acquire an Ohio-based company, Charitable Management and Capital Group, LLC (CMCG), but the parties were unable to reach a final agreement on terms. "Ultimately, it just may not have been the right fit for us," said Shafran, "as CMCG currently operates only in Ohio, and we were looking for a much larger target. With our new acquisition, we will be starting on Day One with revenue from a whole host of markets, with the ability to expand even further in a very short time." VGTel seeks to acquire related companies in the near future, and will update its investors on all new developments as they occur.
About VGTel, Inc.
VGTel, Inc. is devoted to creating a multi-platform company offering products and support in the digital gaming industries. In addition, VGTel is seeking other opportunities in the rapidly growing electronic gaming industry in those venues and states where allowed by regulation. Our business outlook focuses on a strategy of growing and building business units through investments and acquisitions. For further information, go to www.360entertainmentandproductions.com.
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Forward Looking Statements:
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Investor Contact: Peter Shafran, CEO
VGTel, Inc. dba 360 Entertainment & Productions
Phone: (360) 8-360-ENT
SOURCE VGTel, Inc. dba 360 Entertainment & Productions