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
petershafran@360entertainmentandproductions.com
SOURCE VGTel, Inc. dba 360 Entertainment & Productions