VGTel, Inc. Announces Asset Acquisition
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.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts, which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the possibility of unknown factors, as well as other factors beyond the control of the company, actual results may differ materially from the expectations expressed in the forward-looking statement. An investment in our common stock involves a significant degree of risk. You should not invest in our common stock unless you can afford to lose your entire investment. You should consider carefully all risk factors and other information in our annual report and quarterly filings before deciding to invest in our common stock. If any of the following risks and uncertainties develops into actual events, our business, financial condition or results of operations could be materially adversely affected and you could lose your entire investment in our company.
Forward Looking Statements:
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in the Company's filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact: Peter Shafran, CEO
VGTel, Inc. dba 360 Entertainment & Productions
Phone: (360) 8-360-ENT
SOURCE VGTel, Inc. dba 360 Entertainment & Productions
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