Encounter Development Technologies Inc. (ENTI)

[LarryW]

http://www.beaconequity.com/encounter-technologies-inc-enti-shares-spike-2010-07-13/

Posted by mastertrader on Jul 13, 2010

Shares of Encounter Technologies Inc. (PINK: ENTI) climbed 7.14% in today’s trading session, with volume up from daily average of 89.29 million to 594.51 million.

The huge activity in the penny stock came after the company announced today that it has received a total of $1 million in funding from Spire Investment Group. The company has used this funding mainly to pay for expenses related with its flagship site MusicMatrix.com.

Commenting on the development, Rick DiBiase, CEO of Encounter, said that the company is thrilled to have Spire on board. DiBiase said that founders Bryan Bardes and Eric Kafrawy have a lot of experience in evaluating feasibility of projects in commercial real estate, online ventures and innovative start ups.

MusicMatrix has also received valuable inputs from Spire, apart from funding, said DiBiase. He said that Spire’s experience and expertise have proven valuable and the company is excited about going forward with capable partner.

Last week, Encounter gave detailed information on its offer to a celebrity spokesperson for MusicMatrix.com. As per the offer, there is an upfront spokesperson fee along with an incentive plan in place to ensure maximum artist exposure. DiBiase said that the timing of the celebrity spokesperson announcement works well for everything the company has done on the national front in marketing to its target audience.

The penny stock of Encounter is trading below its 50-day and 200-day moving averages of $0.004 and $0.006.

Encounter is a provider of end-to-end technology and online marketing services. The company seeks to identify and solve the challenges faced by businesses that use online video streaming, distribution and networking.

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