VGTel, Inc. (OTCBB:VGTL) announced today it has entered into a definitive Agreement of Plan and Share Exchange ("Agreement") with Venture Industries, Inc. VGTel, Inc. will acquire 100% of the issued and outstanding shares of Venture Industries, Inc. in exchange for the issuance of 65% of the outstanding shares of VGTel, Inc. Pursuant to the terms of the Agreement, closing will take place when the conditions precedent to closing have been met. Among the terms to be met are the filing of audited financial statements for both interim and annual periods of Venture Industries, Inc. Larry Harris, a veteran marketing executive and entrepreneur, will be named President of VGTel, Inc. At 48 years of age, Mr. Harris' experience spans a broad range of capacities in both the advertising industry and in defining new marketing paradigms for the convergence of media with digital technology. He founded one of the first interactive agencies within a major ad agency at FCB, led marketing integration at Draft and was most recently CEO of Ansible Mobile, the innovative mobile marketing joint venture between marketing services holding company, Interpublic Group and Velti, a leading provider of mobile marketing solutions.
Mr. Harris said, "The digital marketplace is undergoing fundamental change as both consumers and advertisers seek to connect to a custom content experience and the real time delivery of information. Winning solutions will be grounded on the smart use of data and full dynamic technology platforms. Venture Industries' highly skilled talent pool and cutting edge technology along with strategic additions to our platform will be a powerful competitor in rapid-growth areas of marketing such as delivery of online video and mobile marketing offerings. I'm energized by this opportunity and look forward to the completion of this transaction." VGTel, Inc. anticipates the audits will be completed prior to the end of the first quarter at which time the transaction will be completed.
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