COLUMBUS, Ohio, April 3, 2013 /PRNewswire/ -- Charitable Management and Capital Group, LLC (CMCG) announced today that it is no longer pursuing acquisition opportunities with VGTel, Inc. dba 360 Entertainment & Productions, Inc. (OTCQB: VGTL). On October 10, 2012, CMCG entered into a non-binding Letter of Intent with VGTel, Inc. CMCG has terminated the proposed transaction with VGTel and has ceased any further negotiations.
"CMCG feels it is not in the best interest of the Company to pursue a relationship with VGTel at this time," said David Kopech, CMCG's General Counsel.
About Charitable Management and Capital Group, LLC
Charitable Management and Capital Group (CMCG) was formed to assist in the various fundraising efforts that veterans and fraternal organizations undertake daily across the United States. In addition to individual contributions and grants, non-profit organizations and charities are dependent on various legal activities such as bingo, casino nights, and electronic games of skill to raise funds. Current economic conditions, as well as competition from state-sanctioned gaming endeavors like casinos and lotteries, are having a negative impact on charitable contributions from individuals and corporations. Dwindling tax revenues are also impacting the number and amount of grants that are available to charities. Charities that depend on veterans and fraternals for funding could very well go out of business. CMCG's innovative fundraising programs allow veterans and fraternal organizations, who arguably help tens of thousands of citizens in their respective communities, to protect their current sources of funding. Charitable Management and Capital Group believe that the ultimate success of any community fundraising project is grounded in four core principles – advocacy, innovation, accountability and transparency. We are committed to those principles.For further information www.cmcg.us SOURCE Charitable Management and Capital Group, LLC