NEW YORK, Sept. 21, 2011 /PRNewswire/ -- Encounter Technologies, Inc. (ENTI:PK), a company specializing in social media, video technology and on-line entertainment solutions, announced today final FINRA approval for a special dividend of preferred shares of Pegasus Tel (PTEL:OTCBB). On June 10, 2011 (Official Record Date), all common stock shareholders of Encounter Technologies became entitled to one (1) share of Pegasus Tel (PTEL) for each share of ENTI they own. The revised payable date for the dividend is October 3, 2011(Official Payable Date).
"I am pleased we are finally through the approval process," stated Thomas Hargis, CEO of Encounter Technologies. "This means we can really focus on our new social networking tool Roar! as well as some of our other platform innovations. This is a new and exciting time over here at Encounter. We are also looking forward to watching PTEL and MusicMatrix start to take off now too."
On March 30, 2011, Anthony DiBiase was named CEO for Pegasus Tel, Inc. and as a result, he declared a one-for-one dividend for ENTI Shareholders. As part of an asset purchase agreement with Pegasus Tel, Encounter Technologies received preferred shares of Pegasus. These preferred shares will be distributed to Encounter shareholders sufficient to allow each shareholder, once converted to Pegasus common stock, to have the same number of common shares of Pegasus as they hold in Encounter. The MusicMatrix web site was acquired by Pegasus Tel from Encounter Technologies in exchange for these preferred shares of PTEL.
"My shareholders know it has always been my mission to reward them for their continued support of MusicMatrix," stated Pegasus CEO Anthony DiBiase. "This dividend with PTEL is the most effective way to accomplish that goal and gain further investor credibility for our business. It is with sincere pleasure that I officially welcome over 3,000 new shareholders to Pegasus Tel from Encounter Technologies."
ABOUT ENCOUNTER TECHNOLOGIES, INC. (ENTI:PK)
Encounter Technologies, Inc. specializes in social media, video technology and on-line entertainment web solutions. The Company utilizes pre-built applications to provide platforms for businesses interested in utilizing video technology to increase online collaboration and interaction. The goal is to provide clients with the best methods to increase user value and achieve desired business results. Simply put, Encounter Technologies, Inc. transforms ideas into revenues. For more information about Encounter Technologies, Inc. visit www.encounterdt.com
ABOUT PEGASUS TEL, INC. (PTEL:OTCBB)
Pegasus Tel, Inc. is a global leader in web based technology solutions and corporate headquarters of MusicMatrix.com. The primary goal of the Company's projects is focusing on constant innovation in emerging technology areas. We believe that our corporate partners will get only the best when they work with us. PTEL web based projects engage users with the core features of everyday life through innovative video streaming, web-based and mobile applications. We market and refine products from emerging technologies like mobile and social media, which enable our users to stay in 'constant connection' with their users through relevant and unique online marketing initiatives. Our solutions allow customers, employees, constituents, and shareholders to engage, communicate, connect and grow with others that share similar interests. Whether you are using a smartphone, a computer, or a tablet, PTEL's technology and platforms provide you with the optimal experience that you are looking for in an online platform. For more information on Pegasus Tel, please visit www.ptelcorp.com.
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This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place under reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Encounter Technologies, Inc. undertake no obligation to update such statements.
SOURCE Encounter Technologies, Inc.