September 13, 2011 09:31 ET

VGTel, Inc. (360 Entertainment & Productions) Plans to Structure Tax-Credit Financing for Films

NEW YORK, NY--(Marketwire - Sep 13, 2011) - VGTL (OTCBB: VGTL) (OTCQB: VGTL) -- VGTel, Inc., now known as 360 Entertainment & Productions ("360"), intends to structure its film production unit to provide "tax credit" financing. 360 CEO Peter Shafran believes, "there is a lucrative opportunity for 360 to raise capital and deploy it at double-digit returns to provide up-front film tax credit financing for qualified filmmakers and projects."

These production incentive programs are designed to entice film productions to shoot in their area and can be pre-funded, providing the film with the money needed to begin production, including principal photography. Typical yields to the lender/assignee have been in the range of 10-20% and often higher. Shafran says: "There is a huge demand for films needing additional funding to meet pre-production requirements. Filmmakers can assign and discount this credit and 360, as lender/assignee, will redeem the guarantee upon the film's completion. As the field of companies offering tax credit financing is small, we can be highly selective in choosing the projects we want to finance."

"We see this as an ideal way to support our own productions and, for those of other qualified filmmakers, to generate revenue for 360 Entertainment & Productions," said Shafran." More than 20 states (and many more cities and regions) have production incentives offering financing credits. "While 360 will initially concentrate on films shooting in New York City and New York State, we will be looking at all other opportunities," said Shafran."

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

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