SOURCE: VGTel

September 26, 2011 16:14 ET

VGTel Announces Intention $50M Capital Raising Through Bond Offering and Private Equity Infusion

NEW YORK, NY--(Marketwire - Sep 26, 2011) - VGTel, Inc., dba 360 Entertainment & Productions (OTCQB: VGTL) (OTCBB: VGTL), announces its intention to raise up to $50M through a combination Bond Offering and Private Equity Capital infusion.

"We have designed a special purpose fund for investments in film and Broadway productions, as well as in other media and entertainment products," said 360 CEO Peter Shafran.

Additionally, the capital raised will be utilized to fund film production tax credits, short-term secured debt in the form of bridge loans with bank guarantees attached. An attractive "spread" exists between the cost of capital to be raised in the proposed funding agreement and the potential returns on these types of products.

"We are targeting a fund yielding double-digit returns over and above the cost of capital raised and administrative costs associated with the deployment of said capital," stated Shafran.
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Safe Harbor -- Safe Harbor for forward-looking statements: This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the private securities reform act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.

Contact Information

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    New York, NY 10023
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