SOURCE: Pegasus Tel, Inc.

June 23, 2011 08:00 ET

Pegasus Tel, Inc. (PTEL) Announces Acquisition of Rising Star Web Site MusicMatrix.com

NEW YORK, NY--(Marketwire - Jun 23, 2011) - Pegasus Tel, Inc. (OTCBB: PTEL), specializing in the sales and marketing of social media, video technology and on-line streaming video platforms, finalized the asset purchase agreement to acquire the premier interactive web site, MusicMatrix.com. As a result of this agreement, Pegasus CEO Anthony DiBiase filed an 8K Form with the Securities and Exchange Commission (SEC) disclosing the event.

"As my shareholders know, it has always been my mission to get to the Bulletin Board with our cutting edge technologies," states DiBiase. "This opportunity with PTEL will allow MusicMatrix.com to reach a higher level of funding and credibility. We are excited to see MusicMatrix reach its full potential."

MusicMatrix.com is the ultimate on-line destination for artists, directors, producers, video editors and music fans worldwide to upload, direct, edit and showcase unique video content with groundbreaking, user-friendly, video editing technology. MusicMatrix also serves as a rapidly expanding social network where members can share custom videos, engage in the promotion of their favorite artists, earn income and win amazing prizes. The website recently gained global attention with the in-house production and release of Backstreet Boys' Howie D's debut single "100" from his first solo album Back to Me. MusicMatrix.com is prominently featured in the opening credits of the video which is currently showing on the NKOTBSB Tour in the US and Canada and on iTunes. Howie D is offering fans the opportunity to remix his video and win amazing prizes in three interactive music video contests available at www.MusicMatrix.com/HowieD. Hip-hop superstars Cam'ron and Vado are hot on the media trail, including mentions on BET Network promoting his current MusicMatrix Contest available at www.MusicMatrix.com/HeyMuma.

The MusicMatrix affiliate marketing campaign invites entrepreneurs to make money and win big. As part of today's growing on-line music scene, VIP members can share the MusicMatrix experience and reap the rewards. With their affiliate marketing link, VIP members earn $5 cash for EVERY VIP referral for EVERY month that their account remains active. VIP memberships start at $9.99 per month, so MusicMatrix offers an enticing payout of more than 50%. The money is paid directly into member accounts on a monthly basis. To support the affiliate program, MusicMatrix launched a global marketing campaign with GetAds to reach millions of customers with more developments and resources for affiliate marketing to come.

For more information, please visit the following links:
Howie D's Interactive Contests: http://www.MusicMatrix.com/HowieD
Cam'ron and Vado's Interactive Contest: http://www.MusicMatrix.com/HeyMuma
MusicMatrix Affiliate Marketing Video: http://www.musicmatrix.com/video/other/musicmatrix-affiliate-marketing-video/29595

ABOUT PEGASUS TEL, INC.(OTCBB: PTEL)

Pegasus Tel, Inc. is a global leader in web based technology solutions and corporate headquarters of MusicMatrix.com. The primary goal of the Company's projects is focusing on constant innovation in emerging technology areas. We believe that our corporate partners will get only the best when they work with us. PTEL web-based projects engage users with the core features of everyday life through innovative video streaming, web-based and mobile applications. We market and refine products from emerging technologies like mobile and social media, which enable our users to stay in 'constant connection' with their users through relevant and unique online marketing initiatives. Our solutions allow customers, employees, constituents, and shareholders to engage, communicate, connect and grow with others that share similar interests. Whether you are using a smartphone, a computer, or a tablet, PTEL's technology and platforms provide you with the optimal experience that you are looking for in an online platform. For more information on MusicMatrix.com, please visit http://www.MusicMatrix.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 undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Pegasus Tel, Inc. undertakes no obligation to update such statements.

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