Encounter Technologies, Inc. (ENTID) Provides Corporate Update and Development Plans
NEW YORK, June 1, 2011 /PRNewswire/ — Encounter Technologies, Inc. (ENTID:PK), a company specializing in social media, video technology and on-line entertainment solutions, announced today plans for the remainder of 2011 as their social networking web site MusicMatrix.com transitions to Pegasus Tel, (PTEL:BB).
As part of a pending agreement with Pegasus Tel, Encounter Technologies will be receiving preferred shares of Pegasus that will convert into common shares. Encounter will distribute these preferred shares to its common shareholders sufficient to allow each shareholder of Encounter, once converted to Pegasus common stock, to have the same number of common shares of Pegasus as they hold in Encounter. Pegasus Tel will acquire the ENTID MusicMatrix web site in exchange for the preferred shares of PTEL. On Monday, June 6, 2011 (Official Record Date), all common stock shareholders of Encounter Technologies will be entitled to one share of Pegasus Tel for each share of ENTID they own.
“This is an exciting time for Encounter, even as MusicMatrix moves to Pegasus. Encounter is becoming an incubator for emerging technologies,” states Encounter Technologies and Pegasus Tel CEO Anthony DiBiase. “Over the past several months, we have been developing our media platform for the Internet Yellow Pages (IYP) space, and expect to roll that out within the coming months. We are also pursuing government contracts centered on upgrading outdated technologies and partnering with government contractors. In addition, we are exploring opportunities in technology geared toward overseas markets in this lucrative advertising space.”
According to DiBiase, this is a whole new direction for Encounter more in line with its core DNA, and shareholders should be very excited about the what’s on the horizon.
“I know change can feel like a bad thing, especially in the Pink Sheets, but that is not the case here. We are splitting off our assets because we know that we can grow them better as individual entities with each company playing to its strengths. And when our investors see the new compression technology we are investing in for streaming high definition video, they aren’t going to believe their eyes. It is revolutionary and will position our IYP and Filmrookie video sites to the cutting edge of their respective markets.”
DiBiase adds that by incubating emerging technologies, the company will be positioning itself for multiple lines of revenue that will be profitable for the company for many years to come.
“I want to assure investors that this is a very positive move for the company, and we believe it will mean a strong balance sheet at the end of the day,” said DiBiase. “Investors can look forward to more updates and information regarding all of Encounter’s projects in the coming weeks with a great deal of excitement.”
ABOUT ENCOUNTER TECHNOLOGIES, INC. (ENTID:PK)
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.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
INVESTOR RELATIONS CONTACT:
Encounter Technologies, Inc.
SOURCE Encounter Technologies, Inc.