The killing was caught on surveillance cameras.
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Authorities say Robert Stiles, 27, was shot to death on the 400 block of High Street in Pottstown just before 8:30 p.m. Saturday.
Police found Stiles lying on the sidewalk suffering from multiple gunshot wounds. He was taken by ambulance to Reading Hospital, where he later died of his injuries.
The Montgomery County District Attorney has issued arrest warrants for 20-year-old Samir Bentley of Philadelphia and 26-year-old Eric Baker of Norristown in connection with Stiles' death.
Police say both men should be considered armed and dangerous.
According to authorities, video shows several men gathered on High Street. One male is handing something to Bentley, who is known to police.
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They say Bentley then fires three shots directly at the victim, who falls to the ground. Bentley, along with the male who handed him the item and another male, flee the scene in dark-colored minivan.
As the minivan pulls away, another male, later identified as Baker, is seen firing an assault rifle at the minivan as it flees. A white Toyota and black Nissan are also seen leaving the area, authorities say.
Several minutes after this shooting, Pottstown Police responded to a two-vehicle accident at North Washington and Beech Streets involving a white Toyota Corolla and a black Nissan Altima.
Witnesses told police they saw four people running from the Nissan, including a male carrying an assault-style rifle.
Police say they found multiple shell casings at the shooting scene. Detectives also recovered a cellphone that was dropped as the shooters fled. They say the phone's background photo was of Bentley.
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At the crash scene, investigators found an ID belonging to Baker.
Bentley is wanted on charges of First-Degree Murder, Third-Degree Murder, Criminal Conspiracy and Possessing an Instrument of Crime.
Baker is wanted on charges of Aggravated Assault, Person Not to Possess a Firearm and Recklessly Endangering Another Person.
Anyone who spots either man should call 911.
Anyone with information on their whereabouts is asked to call Pottstown Police at 610-970-6570 or call the Montgomery County Detectives' Tip Line at 610-278-DOIT (3638).