|By Marketwired .||
|April 24, 2014 12:30 PM EDT||
NEW YORK, NY--(Marketwired - April 24, 2014) - VGTel, Inc. (OTCQB: VGTL), a multi-platform digital entertainment company, announced today that, it has signed a Memorandum of Understanding with NYC-based production company Grand Schema, Inc. for the launch of a new company called Grand Schema Entertainment. The new company has created a $20m film fund for the financing of in-house productions and the co-production of television programs, documentaries and feature films.
Grand Schema, Inc., located in Manhattan's Lower East Side, is a full service production company founded by Producer/Director Christopher J. Scott, Glen L. Scott and Jason Birnbaum. The company has a rich history in producing award winning programming for companies like NBC, MTV, Direct TV, PBS and the CW.
Grand Schema Entertainment, will initiate, develop, produce and distribute its own film content as well as partner with studios for the co-production of high end programming.
"We are excited to partner with VGTel for the expansion of our production capabilities. With the equity resources and connections that VGTel brings to the table, we can significantly grow our production business and develop film properties with new partners worldwide," said Christopher J. Scott, co-founder and CEO of Grand Schema.
VGTel's Neil Fogel added, "I am beyond pleased to be working with Grand Schema, Inc. The new company, Grand Schema Entertainment, will fund in-house productions with Chris and his team and will also approach studios as a financial partner. A lot of studios are eager to find co-finance partners to help reduce their investment risks. Grand Schema's production experience provides synergy for our long term goals to expand our entertainment portfolio."
The parties expect to make additional announcements in the near term about several new film projects currently in development. The studio is also exploring digital distribution partnerships with leading online entertainment providers around the world.
"New media technologies like 4K and digital distribution are opening new markets in the entertainment industry. These cutting-edge developments are producing exciting new opportunities in content, production and distribution. Together with our partners at Grand Schema, we are creating a studio with the financial backing, flexibility and experience required to seize this opportunity," said Fogel.
About VGTel, Inc.
VGTel, Inc. is a multi-platform company offering products and support in the entertainment industry and is focused on a strategy of growing and building business units through investments and acquisitions. For further information, go to www.360entertainmentandproductions.com.
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VGTel, Inc. dba 360 Entertainment & Productions
Phone: (845) 368-1011