Facebook Application PEEP Acquired

Venture Industries, Inc., having recently entered a share exchange agreement with VGTel, Inc. (OTC:VGTL), announced today, in a press release, the acquisition of the PEEP service mark and PEEP intellectual property. PEEP is a video chat application that has recently launched on Facebook. Shares of VGTel closed yesterday at $9.85 per share and only average about 2,400 shares traded per day. The company has a market cap of $94 million and a 52-week range between $8.50 and $10.00 per share.

“Having acquired the IP and the service mark for PEEP, we intend to offer one-to-one and multi-way video conversation to the global social audience -- an audience that is looking for real-time, personal interaction. Along with mobile, social media is fast becoming one of the most efficient and engaging ways to connect brands with consumers. The introduction of a video service, one as easy to use and as interactive as PEEP, will only accelerate that trend,” states VGTel President Larry Harris, previously CEO of Ansible Mobile, a joint venture between Interpublic Group and Velti.

According to the press release, this announcement means even as other social media companies have begun finalizing their plans to IPO this year, Venture is the first publicly traded social media company to offer interactive video with two and multi-way chat.

“Venture plans to rapidly move the PEEP application out of beta testing and to begin monetizing it via advertising and other services. We think the massive reach of social media, coupled with the personal story-telling power of video chat has enormous potential. Venture looks to launch PEEP across most web and mobile platforms before the end of the year,” continues Harris.

VGTel, Inc. and Venture Industries, Inc. are media technology companies providing personal media services and applications for use in social media and mobile communication platforms.

Distributed by IntelBuilder Social Media Platform