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on upgrading outdated technologies and partnering with government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.
Sheri Cook
info@encountertech.com
SOURCE Encounter Technologies, Inc.
