VGTel Inc (OTCMKTS:VGTL) disclosed that its subsidiary firm Motion Picture Scanning Services, Inc. finalized a cooperation agreement. It is entered both with Domicile NYC as well as with New York City film studio. One of the firms needs to serve as MPSS’ sales representative for the NY metropolitan to support and present MPSS’ film scanning services. The mentioned services will be given along with the post-production service that is offered by Domicile.
VGTel said that the cooperation agreement with Domicile is as per the strategic plans of its subsidiary. It recently took relevant measures to extend its film scanning offerings to the 35mm film format compared to previously 65mm Giant Screen films. The latest change is most commonly used by the television programming and feature films, and therefore the company wants to execute it.
The management speaks
James Humann, the COO of Motion Picture, stated that the entertainment segment is moving towards the rapid growth of 4K and the team believes UltraHD is set to become the next prominent standard for television. The new agreement entails VGTel subsidiary to offer value-added offerings to content owners and producers by combining the film scanning operations with far-reaching experiences in post-production. Motion Picture Scanning Services believe the deal will further fuel company’s growth.
A number of TV manufacturers including Sony Corp (ADR)(NYSE:SNE) , Samsung, LG, Vizio, Panasonic, and Sharp are into the industry of selling 4K TV sets. The firms Amazon.com, Inc. (NASDAQ:AMZN) have commenced with streaming of 4K content. As of now, it is initial stages and allows limited access. VGTel subsidiary together with Domicile will work with content libraries to satiate the high demand for UHD programming. The content libraries owners want to include 4K platform in their system. On Friday’s trading session, the share price of VGTel surged 20% to close at $0.00540.