NEW YORK, Sept. 20, 2012 /PRNewswire/ — VGTel, Inc. dba 360 Entertainment & Productions, Inc. (OTCQB: VGTL), announced it is expanding its reach into the charitable video gaming industry by acquiring a target company and adding electronic raffle kiosks into its product line. After several months of negotiations, the Company has reached a final version of a letter of intent (“LOI”) to acquire the target company, which is scheduled to be executed shortly with formal contracts executed thereafter.

The Ohio-based target company has an exclusive five-year contract to place charitable video raffle kiosks in participating veterans and fraternal organizations’ locations. Proceeds from these video raffles will benefit the locations and the charities they support. Company CEO Peter Shafran explained, “This acquisition is yet another ‘perfect fit’ for our Company. The target company is in full growth mode and their operational model will complement the 360 operating model.” Shafran goes on to explain, “This acquisition will improve our footprint in the Mid-West Region of the U.S., and will provide for additional growth in other states in a very short time. The acquisition will bring a talented staff of gaming industry veterans and will provide 360 with even more opportunities and higher levels of support and product development.

360 has been working closely with its legal counsel as well as regulatory bodies within Ohio over the last few years to address potential hurdles to its business model. Under the terms of the proposed LOI, the Company will acquire 100% of the target company, with management, operations and contracts in place. The target company will then operate as a wholly owned subsidiary of 360, in compliance with all governmental regulations. The acquisition of The target company is valued at greater than $25 million in cash and stock.

About 360 Entertainment & Productions
360 Entertainment & Productions is devoted to creating a multi-platform media company offering products in the electronic raffles and sweepstakes gaming industries. In addition, 360 Entertainment & Productions is seeking other opportunities in the rapidly growing electronic gaming industry in those venues and states where allowed by regulation. Our business outlook is based on a strategy of growing and building business units through investments and acquisitions.

For further information 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:
Investor Contact:
Peter Shafran, CEO
VGTel, Inc. dba 360 Entertainment & Productions
Phone: (360) 8-360-ENT
petershafran@360entertainmentandproductions.com

SOURCE VGTel, Inc. dba 360 Entertainment & Productions, Inc.