SOURCE: Pegasus Tel, Inc.

May 03, 2011 08:07 ET

Pegasus Tel, Inc. (PTEL) Announces Engagement of Legal and Accounting Firms

NEW YORK, NY--(Marketwire - May 3, 2011) - Pegasus Tel, Inc. (OTCBB: PTEL), a Company specializing in the promotion and marketing of social media, video technology, and on-line streaming platforms, announced that it has engaged Greenberg Traurig, LLP as outside counsel for the Company and Sherb & Co., LLP as its outside PCAOB qualified audit firm, both focused on filing the required SEC filings.

"We take the reporting requirement very seriously, and we understand the benefit that the transparency of the Bulletin Board brings to the Company and its shareholders," stated Anthony DiBiase, CEO of Pegasus Tel, Inc. and Encounter Technologies, Inc. (PINKSHEETS: ENTI). "We believe that hiring best in class vendors like Greenberg and Sherb is important in growing the corporate enterprises for both PTEL and ENTI and reinforcing the premium position of MusicMatrix.com, FilmRookie.com and our Internet Yellow Page business in the marketplace."

On March 30, 2011, DiBiase was named the new CEO for Pegasus Tel, Inc. and as a result, he declared a one-for-one dividend for ENTI Shareholders. On a dividend payable date to be announced this week, all current ENTI shareholders will receive one share of Pegasus for each share they hold in Encounter Technologies.

Greenberg Traurig, LLP (www.gtlaw.com) has a long history of working with leading technology companies. With more than 30 locations around the globe, it has the resources and expertise to help businesses successfully navigate change. Sherb & Co., LLP (www.sherbcpa.com) is a full-service CPA firm with decades of experience and an established track record of providing top quality accounting work to public companies.

"The value of these business relationships will also be extremely beneficial to ENTI as it completes the process of becoming a fully reporting company," concludes DiBiase.

ABOUT PEGASUS TEL, INC. (PTEL)

Pegasus Tel, Inc. specializes in the promotion and marketing of social media, video technology platforms, and on-line web solutions which meet the goals of their strategic partners and customers. The Company markets internet platforms for businesses and customers interested in utilizing video technology to increase their online presence for their products and services.

ABOUT ENCOUNTER TECHNOLOGIES, INC. (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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