September 26, 2011 16:20 ET

VGTel Announces Intention to Acquire Expired Tax Credits From Film Commissions Throughout US and Canada

NEW YORK, NY--(Marketwire - Sep 26, 2011) - VGTel, Inc., dba 360 Entertainment & Productions (OTCQB: VGTL) (OTCBB: VGTL), announced it will pursue obtaining expired film production tax credits from the various film commissions throughout the US and Canada.

360's CEO, Peter Shafran, said, "There are numerous expired tax credits in many of the State, City and Regional film commissions vaults waiting to be cashed by simply completing films which have been pre-approved for funding. Our goal is to identify those films with sufficient tax credits attached which can be completed, edited and distributed and to then collect the tax credits and other rights associated with these projects."

Shafran further explains, "For example, take a film maker with a $5M budget and an approved tax credit of $1M, who, having already burned through a significant portion of the funds, faces the reality that the cost to complete is less than the tax credit, and then fails to complete the film. We seek to identify these projects, evaluate them and fund the completion when appropriate, retain the distribution rights for a fraction of the original cost and then redeem the approved tax credits. With the numerous shelved projects out there waiting to be discovered, we intend to capitalize on these hidden treasures."

360 Entertainment & Productions is a member of EquityGroups the Investors Social Network

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

  • Contact:
    Mark Kabbash
    New York, NY 10023