NEW YORK, May 27, 2011 /PRNewswire/ -- Encounter
Technologies, Inc. (ENTID:PK), a company specializing in social
media, video technology and on-line entertainment solutions,
announced today revised details for a special dividend of shares in
Pegasus Tel (PTEL:OTCBB). 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.
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.
"Bottom line for me and our Board of Directors was that all
shareholders have access to their Encounter shares from the
forward stock split before the PTEL record date expired,"
stated Pegasus and Encounter Technologies CEO
Anthony DiBiase. "With the
delay in everyone getting their ENTID forward stock shares,
we decided extending the date by five business days was just
frankly the right thing to do. This decision will give current and
new investors additional time to participate in this dividend while
giving ENTID shareholders increased stock value with
ownership in two separate public companies."
Encounter Technologies also announced that the revised
payable date for this dividend is June 20,
2011 (Official Payable Date). On that date, the transfer
agent for Encounter will distribute the preferred shares of
Pegasus to the common stock shareholders of Encounter
Technologies. The shares will have the minimum 6 month
restriction allowed by securities regulations. Preferred
shareholders of Encounter will not be entitled to receive
any shares under this dividend.
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.
This press release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. You are cautioned that such statements are
subject to a multitude of risks and uncertainties that could cause
future circumstances, events or results to differ materially from
those projected in the forward-looking statements as a result of
various factors and other risks. You should consider these factors
in evaluating the forward-looking statements included herein, and
not place under reliance on such statements. The forward-looking
statements in this release are made as of the date hereof and
Encounter Technologies, Inc. under take no obligation to update
such statements.
INVESTOR RELATIONS CONTACT:
Encounter Technologies, Inc.
Sheri Cook
press@encountertech.com
SOURCE Encounter Technologies, Inc.