Encounter Technologies (ENTID) Announces Much Anticipated Dividend Dates for Pegasus Tel (PTEL) Shares

NEW YORK, May 4, 2011 /PRNewswire/ -- Encounter Technologies, Inc. (ENTID:PK), a company specializing in social media, video technology and on-line entertainment solutions, announced today the details for a special dividend of shares in Pegasus Tel (PTEL:OTCBB).  On Friday, May 27, 2011 (Official Record Date), all common stock shareholders of Encounter Technologies will be entitled to 1 share of Pegasus Tel for each share of ENTI they own.

On March 30, 2011, Anthony DiBiase was named CEO for Pegasus Tel, Inc. and as a result, he declared a one-for-one dividend for ENTI Shareholders. As part of the pending agreement with Pegasus Tel, Encounter Technologies will be receiving preferred shares of Pegasus that will convert into common shares. Encounter will distribute these preferred shares to its common shareholders sufficient to allow each shareholder of Encounter, once converted to Pegasus common stock, to have the same number of common shares of Pegasus as they hold in Encounter.  The ENTID MusicMatrix web site will be acquired by Pegasus Tel, in exchange for the preferred shares of PTEL.

"My shareholders know it has always been my mission to get to the Bulletin Board with our cutting edge technologies," stated Pegasus and Encounter Technologies CEO Anthony DiBiase. "This opportunity with PTEL is the most effective way to reach a higher level of funding and credibility for our business. MusicMatrix.com as a Bulletin Board business within Pegasus will thrive immediately with access to a substantial credit line. As part of the agreement, the Pegasus dividend gives ENTI shareholders increased stock value with ownership in two separate public companies."

Encounter Technologies also announced that the payable date for this dividend is June 10, 2011 (Official Payable Date). On that date, the transfer agent for Encounter will distribute the preferred shares of Pegasus to the common stock shareholders of Encounter Technologies. The shares will have the minimum 6 month restriction allowed by law. Preferred shareholders of Encounter will not be entitled to receive any shares under this dividend.

DiBiase is scheduled to discuss the dividend, as well as other business updates, during an interview with Bob "Sully" Sullivan and Russ "T Nailz" Stolnack, renowned radio broadcast personalities, on the nationally broadcast Big Biz Show (www.BigBizShow.com) this Thursday, May 5, 2011. The show airs across the country via the CBS Radio Network, the Business Talk Radio Network and the Biz Television Network reaching an estimated 2 million listeners and 30 million cable homes weekly.  The show, recently named by TALKERS Magazine as one of the "Top 10 Most Influential Financial Shows" in the country, is highly recognized for discussing current business events, internet related issues and other hot topics in the business world.

ABOUT ENCOUNTER TECHNOLOGIES, INC. (ENTID:PK)

Encounter Technologies, Inc. specializes in social media, video technology and on-line entertainment web solutions.  The Company utilizes pre-built applications to provide platforms for businesses interested in utilizing video technology to increase online collaboration and interaction. The goal is to provide clients with the best methods to increase user value and achieve desired business results. Simply put, Encounter Technologies, Inc. transforms ideas into revenues. For more information about Encounter Technologies, Inc. visit www.encountertech.com.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place under reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Encounter Technologies, Inc. under take no obligation to update such statements.

INVESTOR RELATIONS CONTACT:
Encounter Technologies, Inc.
Sheri Cook
[email protected]

SOURCE Encounter Technologies, Inc.

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