Saturday, November 27, 2010

New Funding round

Press Release Source: Socialwise, Inc. On Wednesday November 24, 2010, 9:35 am EST

SAN DIEGO, CA--(Marketwire - 11/24/10) - Socialwise, Inc. (OTC.BB:SCLW - News), whose flagship brand BillMyParents® serves as their innovative teen commerce solution, is pleased to announce that they have successfully closed their previously announced offering and received additional gross funding totaling $3.4 MM. Maxim Group LLC acted as the Placement Agent in connection with the offering.

"We have laid down a solid brand awareness foundation this summer and fall in the social media, action sports retail and consumer event spaces with the teen demographic to create awareness about our teen payment solutions," commented Jim Collas, President and CEO of Socialwise, Inc. "This round of funding is intended to allow us to fully engage our national marketing and customer acquisition programs for our premium products and to quickly gain momentum in the marketplace."

The Company is poised to announce a partnership with a significant online entertainment service company intended to appeal to teens' strong desire for spending independence and which supports the viability and rapid growth of the teen prepaid card category. More large-scale marketing initiatives via targeted advertising, pro athlete-endorsed projects, social media outlets, consumer events and sponsorships are underway and will continue to roll out through 2011.

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  1. world market update, China's Shanghai Composite index opened down 0.2 percent, a whisker below Wednesday's seven-year closing
    highs, while Hong Kong shares continued its upswing, surging nearly 5 percent at the open.


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