|By Marketwired .||
|April 24, 2014 12:30 PM EDT||
NEW YORK, NY--(Marketwired - April 24, 2014) - VGTel, Inc. (OTCQB: VGTL), a multi-platform digital entertainment company, announced today that, it has signed a Memorandum of Understanding with NYC-based production company Grand Schema, Inc. for the launch of a new company called Grand Schema Entertainment. The new company has created a $20m film fund for the financing of in-house productions and the co-production of television programs, documentaries and feature films.
Grand Schema, Inc., located in Manhattan's Lower East Side, is a full service production company founded by Producer/Director Christopher J. Scott, Glen L. Scott and Jason Birnbaum. The company has a rich history in producing award winning programming for companies like NBC, MTV, Direct TV, PBS and the CW.
Grand Schema Entertainment, will initiate, develop, produce and distribute its own film content as well as partner with studios for the co-production of high end programming.
"We are excited to partner with VGTel for the expansion of our production capabilities. With the equity resources and connections that VGTel brings to the table, we can significantly grow our production business and develop film properties with new partners worldwide," said Christopher J. Scott, co-founder and CEO of Grand Schema.
VGTel's Neil Fogel added, "I am beyond pleased to be working with Grand Schema, Inc. The new company, Grand Schema Entertainment, will fund in-house productions with Chris and his team and will also approach studios as a financial partner. A lot of studios are eager to find co-finance partners to help reduce their investment risks. Grand Schema's production experience provides synergy for our long term goals to expand our entertainment portfolio."
The parties expect to make additional announcements in the near term about several new film projects currently in development. The studio is also exploring digital distribution partnerships with leading online entertainment providers around the world.
"New media technologies like 4K and digital distribution are opening new markets in the entertainment industry. These cutting-edge developments are producing exciting new opportunities in content, production and distribution. Together with our partners at Grand Schema, we are creating a studio with the financial backing, flexibility and experience required to seize this opportunity," said Fogel.
About VGTel, Inc.
VGTel, Inc. is a multi-platform company offering products and support in the entertainment industry and is focused 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.
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.
VGTel, Inc. dba 360 Entertainment & Productions
Phone: (845) 368-1011
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