SOURCE: Encounter Technologies, Inc.

April 04, 2011 07:30 ET

Encounter Technologies, Inc. (ENTI) Announces Strategic Discussions With Pegasus Tel, Inc. (PTEL)

NEW YORK, NY--(Marketwire - April 4, 2011) - Encounter Technologies, Inc. (PINKSHEETS: ENTI), specializing in social media, video technology and on-line streaming solutions, announced today corporate discussions with Pegasus Tel, Inc. As a result of these discussions, the Board of Directors of Pegasus Tel has appointed Encounter Technologies Director Anthony DiBiase as their new Chief Executive Officer and filed an 8K Form on Thursday, March 31, 2011 with the Securities and Exchange Commission (SEC) disclosing that event.

As part of the proposed plan, Encounter Technologies' Music Matrix web site will be acquired by Pegasus Tel, in exchange for preferred shares of Pegasus. Those shares from Pegasus will be utilized by Encounter to fund a shareholder dividend to all Encounter shareholders. The proposed dividend plan means all current shareholders will receive one share of Pegasus for each share they hold in Encounter Technologies. "The bottom line is we expect this deal to be finalized within 45 days and our loyal ENTI shareholders will have increased stock value with ownership in two separate public companies," stated DiBiase. 

"Bringing ENTI shareholders with me to Pegasus was the only way I would even consider this plan," commented DiBiase. "My shareholders know it has always been my mission to get to the Bulletin Board with our cutting edge technologies. This opportunity with PTEL is the most effective way to reach a higher level of funding and credibility for our business."

Encounter Technologies, Inc. will move forward with its development and marketing of technologies in the lucrative Internet Yellow Pages (IYP) and SEO/SEM industries, along with a re-launch of its previously successful FilmRookie.com social web site. "ENTI will continue working towards a Bulletin Board listing, and MusicMatrix.com as a Bulletin Board business with Pegasus will thrive immediately with access to a substantial credit line," concluded DiBiase. 

To coincide with this announcement, Encounter Technologies CEO DiBiase will release a Podcast on Tuesday, April 5 at 10:00am EDT to address this news and filing in greater detail. To access the Podcast, please visit www.encountertech.com.

ABOUT ENCOUNTER TECHNOLOGIES, INC. (PINKSHEETS: ENTI)

Encounter Technologies, Inc. specializes in social media, video technology and on-line entertainment web solutions. The Company utilizes pre-built applications to provide platforms for businesses interested in utilizing video technology to increase online collaboration and interaction. The goal is to provide 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.

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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