SOURCE: Encounter Technologies, Inc.

December 09, 2010 07:40 ET

Encounter Technologies (ENTI) Files to Move From Pink Sheets to OTC Bulletin Board (OTCBB)

Letter of Intent Signed to Provide 20 Million Dollar Line of Credit

NEW YORK, NY--(Marketwire - December 9, 2010) -  Encounter Technologies, Inc. (PINKSHEETS: ENTI), a company that specializes in social media, video technology and online entertainment web solutions, announced today that it has signed a letter of intent with Ambrose & Keith Fund, LLC for a $20,000,000 line of credit. The funding is contingent upon the Company obtaining a listing on the Over-the-Counter Bulletin Board (OTCBB) or a comparable exchange for the Company's stock. To that end, the Company plans to file a registration statement on Form S-1 to register shares, begin reporting to the Securities and Exchange Commission (SEC), and file the appropriate documents to obtain a listing on the OTCBB. 

"The move to the OTC Bulletin Board is an important milestone for Encounter Technologies," stated CEO Anthony DiBiase. "This changes the landscape for our current and potential shareholders and reflects our commitment to grow the company and enhance shareholder value. As we showcase our technology with the recent launch of MusicMatrix.com and expand that technology to additional markets, this listing upgrade will increase financing options and transparency in the investment community. This move also positions us one step away from my ultimate objective of having ENTI listed on the NASDAQ."

Once the registration is effective, it is anticipated that Encounter Technologies will receive final approval to commence trading on the OTC Bulletin Board. Issuers of all securities quoted on the OTCBB are subject to periodic reporting of financial information to the SEC. ENTI will be required to provide quarterly and annual financial information and remain current in its filings with the SEC.

The OTC Bulletin Board provides access to more than 3,300 securities and includes more than 230 participating Market Makers. As a regulated quotation service, it displays real-time quotes, last-sale prices, and volume information in over-the-counter (OTC) equity securities. OTCBB securities include national, regional and foreign equity issues, warrants, units, American Depositary Receipts (ADRs) and Direct Participation Programs (DPPs).

About Encounter Technologies (PINKSHEETS: ENTI)
Encounter Technologies, Inc. provides end-to-end technology and online marketing services, including design, build, hosting and online marketing support. We specialize in social media, video technology and online entertainment web solutions. Encounter Technologies, Inc. utilizes pre-built applications to provide the platforms in which to base solutions for businesses looking to utilize video technology to increase online collaboration and interaction. Our goal is to provide our 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.encountertech.com.

About Music Matrix (www.musicmatrix.com)
MusicMatrix is the hottest rising new star in the online video streaming music industry and specializes in providing standard and high definition streaming music videos over the internet. Users have the ability to upload and view streaming music video content and also earn revenue from promoting your favorite artists' videos. MusicMatrix.com is also a full fledged social network which allows users to connect with friends and family from all over the world.

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. under take no obligation to update such statements.

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