Today's Call with ENTI update word for word: ENTI "sold its patented VSP platform to corporate purchaser for 1.75 million dollars. This agreement allows ENTI to secure revenues without letting go of the software. We won the right to sell VSP under nonexclusive terms. The software platform can be tweaked for a number of applications and there is not a noncompete clause. The agreement allows for additional company reserves as well as substantial operating and developmental capital which we feel is advantageous for ENTI and shareholders. Encounter Technologies will continue to develop the software in-house for its own unique offering to the independent yellow pages publishers on-line. We have some great ideas for the VSP technologies that are in development.
Encounter Technologies also announced this week that the company has received more than 1 million dollars in funding from Spire investment group. To have Spire partnered with us for long-term funding has been quite an achievement and a testament to the potential profitability of music matrix.com. The funding has mostly been used to pay for costs associated with programming interactive music video shoots, video production, editing, marketing and the celebrity spokesperson contract.
This leads us to the next topic of discussion, the celebrity spokesperson. We are in negotiations with a specific celebrity artist at this time. We just spoke with them again this week. The negotiations are mutually agreeable. It's just a matter of working out the fine details. We have submitted a firm offer based on talking points for final signature. The offer is an upfront spokesperson fee with an incentive plan in place. Under the agreement, the artist will be committing to commercial filming in line with our ad campaign to hit 44 million households for at least the first 6 months, multiple broadcasts via social networks such as MySpace, facebook, and twitter. The artist will also partake in radio interviews, live chats, and associate himself, herself with our logo, web links, and email list. This artist will be the first of many in a series of celebrity of celebrity spokespeople.
We want to assure our shareholders that we are working diligently around the clock behind the scenes on site updates and promotions. We have set time lines and goals but our priority is to build a high quality long-term site for music fans. Sometimes this takes longer than we initially expect but our priority is to get it right. We are scheduled to have our how-to and promotions pages added to the site within the next few weeks. Our team is extremely busy on post production for our interactive music video shoot with Maino, Gorilla Zoe and Yung Joc. Interactive music video promotions are our first category of music video editing competitions. It is for songs that do not currently have videos. Premium paid users will be able to create a professional video made from scratch using the custom video from our shoot with our online editor. The winning video of the interactive music video promotion will become the official online music video for that particular song.
The big news today is that we are launching a second variation of our music video editing competition called Music Matrix Mash up. Music Matrix Mash ups will allow fans to utilize footage of an existing music video combined with bonus footage provided by an artist or band along with their own personal video footage. These promotions have a quicker turnaround time to be on the site since there isn't a full video shoot and as much post production work. As of last night, we have a verbal commitment from the manager of a heavy metal band for a music matrix mash up promotion. This opens up another genre of music for us. The manager was really excited about our concept. This band is going on tour at the end of the month and we are even coordinating some o our camera crew to go to one of the concerts to shoot footage to be used in the mash ups. Fans will be able to utilize the footage from the concert and the artist video with their own personal footage in creating their mash up and will compete to win prizes.
We feel this is just the beginning. There are many options and variations of the music video editing competitions for the future and this will open up this opportunity to many artists and groups of all genres. They will share promotions with their fan base who will potentially become premium members of music matrix.com.
Once again, thank you for the support of our shareholders. You can email us at info@encoutertech.com. Even if we can't always respond, we do read your suggestions and appreciate your input..."
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