VGTel, Inc. (360 Entertainment & Productions) Plans to Structure Tax-Credit Financing for Films
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/13/11 -- VGTL (OTCBB: VGTL) (OTCQB: VGTL) -- VGTel, Inc., now known as (""), intends to structure its film production unit to provide "tax credit" financing. 360 CEO Peter Shafran believes, "there is a lucrative opportunity for to raise capital and deploy it at double-digit returns to provide up-front film tax credit financing for qualified filmmakers and projects."
These production incentive programs are designed to entice film productions to shoot in their area and can be pre-funded, providing the film with the money needed to begin production, including principal photography. Typical yields to the lender/assignee have been in the range of 10-20% and often higher. Shafran says: "There is a huge demand for films needing additional funding to meet pre-production requirements. Filmmakers can assign and discount this credit and , as lender/assignee, will redeem the guarantee upon the film's completion. As the field of companies offering tax credit financing is small, we can be highly selective in choosing the projects we want to finance."
"We see this as an ideal way to support our own productions and, for those of other qualified filmmakers, to generate revenue for ," said Shafran." More than 20 states (and many more cities and regions) have production incentives offering financing credits. "While will initially concentrate on films shooting in New York City and New York State, we will be looking at all other opportunities," said Shafran."
Safe Harbor -- Safe Harbor for forward-looking statements: This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the private securities reform act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.
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Datum: 13.09.2011 - 13:31 Uhr
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