SOURCE: VGTel, Inc.

VGTel, Inc. Logo

November 12, 2013 08:30 ET

VGTel, Inc. Announces Partnership With K2 Communications to Release Films Originally Produced for IMAX® Theaters in New Ultra High Definition (4K) Format

NEW YORK, NY--(Marketwired - November 12, 2013) - VGTel, Inc. (OTCQB: VGTL) announced today that it entered into a Memorandum of Understanding ("MOU") with K2 Communications, Inc. ("K2") to digitize and distribute a catalogue of award-winning films in the new ultra high definition digital format (UHD or 4K). Under the arrangement, K2 will identify and secure exclusive UHD digital distribution rights for an inventory of films originally produced for IMAX® theaters. The movies will be scanned from 15/70mm film to an 8K digital format and then downscaled to 4K and distributed for UHD broadcast and theatrical distribution. VGTel will finance and oversee the project and K2 will distribute the films worldwide. 

With a focus on cutting-edge entertainment ventures, VGTel continues to be at the forefront of emerging technologies for the entertainment industry. "Ultra high definition is the next big thing in the film and television industry and this project was motivated by the significant industry demand for quality 4K content. This collaboration will allow VGTel to draw from K2's Large Format film library and offer 4K films that have a proven appeal for a global audience," said VGTel CEO Peter Shafran. "This arrangement brings us back to the goals we recently set out -- entertainment and production. We are thrilled to be acquiring digital 4K rights for these high quality films. They all have a very successful box office record in IMAX® theaters around the world." 

Some of the films initially slated for the venture include Adrenaline Rush: The Science of Risk, India: Kingdom of the Tiger and the Academy Awarded-nominated documentary Alaska: Spirit of the Wild.

"This relationship was of particular interest to us because these films are all high-budget, beautifully shot and very well suited for this new format," added Shafran. "We are excited to work with K2 Communications to deliver these highly engaging productions to new audiences worldwide."

"Digital 4K will soon be the new standard for television, theaters, museums, science centers and aquariums worldwide," said Mark Kresser, President of Los Angeles-based film distributor K2 Communications. "We have been focused on building our library of digital ultra high definition films and this partnership will help us expedite our long term plans to expand our library of digital IMAX®-format titles," said Kresser.

VGTel will work closely with K2 as they launch these new media properties in both established and emerging digital markets worldwide. The 4K digital versions of these IMAX® theater films will be available for distribution through K2 Communications beginning in December 2013. 

About VGTel, Inc.
VGTel, Inc. is a multi-platform company offering products and support in the entertainment industry and is focused on a strategy of growing and building business units through investments and acquisitions. For further information, go to www.360entertainmentandproductions.com.

Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts, which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the possibility of unknown factors, as well as other factors beyond the control of the company, actual results may differ materially from the expectations expressed in the forward-looking statement. An investment in our common stock involves a significant degree of risk. You should not invest in our common stock unless you can afford to lose your entire investment. You should consider carefully all risk factors and other information in our annual report and quarterly filings before deciding to invest in our common stock. If any of the following risks and uncertainties develops into actual events, our business, financial condition or results of operations could be materially adversely affected and you could lose your entire investment in our company.

Forward-Looking Statements:
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in the Company's filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information