VGTel, Inc. dba 360 Entertainment & Productions Announces Stock Dividend
Posted on April 12, 2012 at 07:30 AM EDT
NEW YORK, April 12, 2012 /PRNewswire/ -- VGTel, Inc. dba 360 Entertainment & Productions (OTCQB: VGTL) (OTCBB: VGTL) announced today that it will declare a 20% stock dividend to its stockholders as it moves further into the Internet Sweepstakes gaming industry. Company CEO Peter Shafran explained "We've been through a tough time over the past year and, during that time my team has been working tirelessly to seek out and develop new business and revenue for 360. As we are now seeing some very encouraging signs for the future of our Company, we felt that it was time to reward our shareholders for the loyalty they've shown to us through our rebuilding effort."
At a special meeting of the Board of Directors held yesterday, the Board passed a resolution declaring a stock dividend to all shareholders of record on the Dividend Date, whereby the Company will issue to each shareholder one new share for every five shares held. The record date for stock dividends will be set for 5:00 p.m. EDT, May 15, 2012 ("Record Date").
Standard dividend rules will apply and the Stock Dividend date has been set at May 15, 2012 ("Dividend Date"). All shares purchased one day prior to the Dividend Date will qualify for the Stock Dividend, but those shares purchased on or after the Dividend Date, will not be eligible for the Stock Dividend. In order to qualify for this Stock Dividend, shares held cannot be sold before the Dividend Date. New share certificates will be mailed directly to all qualifying shareholders of record by the Company's Transfer Agent within 45 days of the Record Date. The Company recommends that all stockholders confirm that their brokers have current mailing information so that there will not be any issues with the delivery of the new stock certificates.
The Company recently announced its entry into one of the most explosive growth industries in America with the distribution of its Internet Sweepstakes Kiosks. Nearly 60 million Americans play sweepstakes games every year. Internet Sweepstakes, currently an unknown industry to most folks, is actually one of the fastest growing industries in the country with about $15 Billion per year in revenues.
"Our first batch of Kiosks were built way ahead of schedule and should be delivered within the week," noted Shafran. "While we will continue to build more Kiosks," added Shafran, "we are also seeking additional avenues to accelerate 360's expansion and market penetration into the internet sweepstakes market." The Company is currently in negotiation with several large scale internet sweepstakes operators in six states within the Northeast, Mid-Atlantic and Southeast regions of the US to acquire existing Internet Sweepstakes locations and bring them under the 360 tent.
About 360 Entertainment & Productions
360 Entertainment & Productions is devoted to creating a multi-platform entertainment and media company offering content, production, distribution and programming, along with products and vehicles for financing tax credits and other products tailored to the entertainment industry. Our business outlook is based on a strategy of growing and building business units through investments and acquisitions.
For further information go to the Company's website, www.360entertainmentandproductions.com
SAFE HARBOR PROVISION
Matters discussed in this press release may constitute forward-looking statements. These include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, other than statements of historical facts.
The Company is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements which are based upon assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, they are subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
SOURCE VGTel, Inc. dba 360 Entertainment & Productions
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