COLUMBUS, Ohio, April 3, 2013 /PRNewswire/ -- Charitable
Management and Capital Group, LLC (CMCG) announced today that
it is no longer pursuing acquisition opportunities with VGTel,
Inc. dba 360 Entertainment & Productions, Inc. (OTCQB:
VGTL). On October 10, 2012,
CMCG entered into a non-binding Letter of Intent with VGTel,
Inc. CMCG has terminated the proposed transaction with VGTel
and has ceased any further negotiations.
"CMCG feels it is not in the best interest of the Company to
pursue a relationship with VGTel at this time," said David Kopech, CMCG's General Counsel.
About Charitable Management and Capital Group, LLC
Charitable Management and Capital Group (CMCG) was formed to
assist in the various fundraising efforts that veterans and
fraternal organizations undertake daily across the United
States. In addition to individual contributions and grants,
non-profit organizations and charities are dependent on various
legal activities such as bingo, casino nights, and electronic games
of skill to raise funds. Current economic conditions, as well as
competition from state-sanctioned gaming endeavors like casinos and
lotteries, are having a negative impact on charitable contributions
from individuals and corporations. Dwindling tax revenues are also
impacting the number and amount of grants that are available to
charities. Charities that depend on veterans and fraternals
for funding could very well go out of business. CMCG's
innovative fundraising programs allow veterans and fraternal
organizations, who arguably help tens of thousands of citizens in
their respective communities, to protect their current sources of
funding. Charitable Management and Capital Group believe that
the ultimate success of any community fundraising project is
grounded in four core principles – advocacy, innovation,
accountability and transparency. We are committed to those
principles.
For further information www.cmcg.us
SOURCE Charitable Management and Capital Group, LLC