VGTel dba 360 Entertainment & Productions Announces $500K Funding Agreement

NEW YORK, Jan. 23, 2012 /PRNewswire/ -- VGTel, Inc., dba 360 Entertainment & Productions (OTCQB: VGTL) (OTCBB: VGTL), announces $500,000 funding agreement.

VGTel, dba 360 Entertainment & Productions, an entertainment and media company, announced today that it has entered into a funding agreement which provides an advance of $500,000 in working capital to be paid in over a six month period beginning 45 days from the transaction date at a price of US$1.00 per share. This agreement is subject to certain conditions and due diligence. The funding agreement is strictly a short-term arrangement to provide working capital while the Company continues to negotiate the funding of $5.0 million of additional capital.

"This agreement is an important accomplishment for the Company and provides us with access to additional capital on reasonable terms that will further accelerate the implementation of our plans to fund films, stage, music and other media and entertainment projects in the near future," noted Peter Shafran, CEO of 360 Entertainment & Productions.

For more information, please visit www.360entertainmentandproductions.com.

To be included in our Company mail list for real-time news and updates, please send an email to: [email protected]

Safe Harbor -- Safe Harbor for forward-looking statements: This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the private securities reform act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.

Contact: 
Peter Shafran 
CEO 
VGTel, Inc. dba 360 Entertainment & Productions
Montebello, NY 10901 
Phone (360) 8-360-ENT
[email protected]

SOURCE VGTel, Inc. dba 360 Entertainment & Productions