VGTel Inc (OTCMKTS:VGTL) has revealed that the company’s subsidiary Motion Picture Scanning Services has entered into a cooperation agreement with Domicile NYC. As per the agreement, the latter would serve as a sales agent for the former’s services. Domicile already offers post-production services in the New York region and now it has added film scanning services from MPSS to its portfolio.
VGTel has been growing its services strategically; initially the company’s only focus was the scanning of 65mm giant screen films, which gave it control over a very small market. However, now the company has expanded its horizon to include services for the more commonly used 35mm films. The new targets for the company would be feature films and television programs.
MPSS COO, James Humann, accepted the fact that 4K HD entertainment has not yet become a major player in the entertainment industry. Until, 4K entertainment becomes the next big thing; MPSS would have to focus on services for smaller screens. Mr. Humann also indicated that his company aims to develop a synergy with the post production services offered by Domicile. This way the two companies can work together to offer value added services to the producers. Additionally, with the growing demand for 4K entertainment, some producers want to scan and reinvent their films for HD viewing. MPSS and Domicile can offer to provide this service to such producers.
The companies want to begin their potentially fruitful partnership from the grand city of New York. Domicile also announced that they are in the final stages of developing a new correction suite, which will add to their post-production capacity. The company also revealed that its sales team is already in talks with rights holders of large libraries of films and feature television. Domicile also announced that it has already begun working on the synergies with MPSS.
VGTel Inc (OTCMKTS:VGTL) reported a gain of 12.45%, after trading 27.08 million shares during the June 5 session. The stock closed at a share price of $0.0056.