EFactor Corporation Provides Business Update
NEW YORK, June 6, 2013 /PRNewswire/ -- (OTCBB:STDR) EFactor Corp. ("EFactor Corp." or "the Company"), the world's leading social network, content aggregator and provider of resources to entrepreneurs worldwide, today provided a business overview and update on its operations.
Business Overview and Operations
EFactor Corp. has three operating subsidiaries; EFactor.com, EQMentor and MCC International. Each subsidiary caters to the needs of entrepreneurs by providing a variety of tools and services for entrepreneurs. Launched in March of 2008, EFactor.com is a social network that offers online and face-to-face matching to relevant parties that can help grow a member's business network such as investors, mentors, and peers to facilitate and nurture new business ideas. EFactor.com generates revenues through membership fees, on-line mentoring and revenue sharing with its current 59 alliance partners. EFactor.com uses a combination of its events and viral marketing, social media including Facebook®, LinkedIn® and YouTube, and publications to promote its brand and services to entrepreneurs. The Company's founders, Adrie Reinders, Marion Freijsen and Roeland Reinders are also frequently hosted on CBS, ABC and NBC, and Ding Ding (China) networks and quoted and in print publications such as The Wall Street Journal®. EFactor.com conducts more than 100 live and on-line events annually for its members. The Company has more than one million members that have access to the Company's social network. EFactor.com has recently launched a VIP offering that provides a host of value-added services such as mentoring, consultation, industry research and resources, free access to EFactor Networking Events, 48 Webinar credits, and a PerksCard for a number of business and personal services. EFactor.com operates in 222 territories and 240 industries worldwide.
The second business unit, EQmentor, www.eqmentor.com, is an on-line professional development company that provides working professionals 24/7 access to custom-matched mentors, a global cross-industry peer community, and repositories of knowledge to empower high performance in the workplace. It has the largest number of EQ-Certified Mentors in the world, over 30 million lines of Web 2.0 custom-code that facilitates a unique learning environment, and growing repositories of intellectual capital from a global cross-industry working professional community. EQmentor's revenues are derived from EQMentoring for middle managers at multinational firms. Select clients include Pepsi Co. and Walt Disney. In support of their core activity, EQ mentor will also provide mentoring to EFactor.com members to help improve their performance.
EFactor Corp.'s third complementary business unit is MCC International ("MCC"), a public relations and communications agency. Founded in 1988 and based in Southampton, United Kingdom, MCC promotes emerging technology and scientific research and development companies, as well as professional service organizations, from entrepreneur start-ups and spin-offs to global consumer brands. MCC's revenues come from public relations and social media retainer agreements, event-driven support, copywriting services and Print and On-Line Digital Design. MCC International is developing a series of services and products in public relations, marketing and print and digital advertising exclusive to EFactor.com members. The majority of MCC International's corporate clients are UK-based.
EFactor Corp. has built an end-to-end ecosystem for entrepreneurs based on a social network that addresses all of the entrepreneurs' needs.
- A strong niche social community for Entrepreneurs (EFactor.com) across 222 territories where members interact. Members are matched with mentors, investors, peers and resources using a proprietary algorithm that filters through each member's interests and characteristics. Key to the social network is that it is truly "social". In addition to the virtual community, EFactor hosts over 100 live events per year;
- A platform that allows entrepreneurs to gain knowledge and education about specific topics from accredited mentors;
- A process that allows Entrepreneurs to find the funding they require for their operations – through a variety of innovative tools accompanied by the guidance and education they need to take qualified decisions.
On February 11, 2013, EFactor Corp. completed its go-public transaction after its merger with Standard Drilling, Inc. ("Standard Drilling"), a shell company with no operations, assets or liabilities. EFactor Corp. issued shares to shareholders of Standard Drilling and transferred all of EFactor Corp.'s assets to the public company, with approximately 208 legacy Standard Drilling shareholders owning 2% of the Company. EFactor Corp. will continue to report under the OTC Markets ticker, STDR, until the Company's new name has been approved by the SEC. This is expected to conclude on or before June 30, 2013. The Company is actively pursuing investors for interim and long term financing to meet its goals of becoming the leading and largest social network for entrepreneurs globally.
On February 14, 2013, EFactor acquired MCC International, a public relations and communications agency for approximately 650,000 thousand shares of EFactor Corp.'s common stock. Founded in 1988 and based in the United Kingdom, MCC promotes high and emerging technology and scientific research and development companies, as well as professional service organizations, from entrepreneur start-ups and spin-offs to global consumer brands. MCC serves approximately 15 clients based primarily in Europe. Going forward, MCC International is developing exclusive services for EFactor.com customers.
EFactor Corp. is actively evaluating additional acquisitions that will be both accretive to earnings, and complement the services and product needs of EFactor.com members. The Company's acquisition strategy includes an trial period that begins with EFactor Corp. working with an acquisition candidate as one of its "Alliance Partners" to determine its demand among EFactor.com members. Based on this demand and EFactor Corp.'s internal, acquisition pre-requisites of revenues, earnings and cash flow, EFactor Corp. may acquire additional companies based on its model and inherent value to shareholders.
"We have come a long way since we first launched EFactor.com more than 5 years ago," Adrie Reinders, CEO of EFactor Corp., began. "We believe that social networks like ours that provide members social connectivity to a large and growing ecosystem that can help members become more successful are extremely valuable. We have more than 1,000,000 members on EFactor.com and that number is growing daily. With over 30% of our members being active, our primary focus is to drive growth in the number of services each paying member uses, which will help us increase our retention rates and profitability over time."
About EFactor Corp.
EFactor Corp. is the parent of EFactor.com, the world's largest niche social network for entrepreneurs and provides its members with the people, tools, marketing and expertise to succeed and make real, trustworthy and lasting connections. At the core of EFactor is a strong algorithm that allows members to not only connect with a lot of people, but with the right people. In addition, EFactor provides knowledge, funding access and resources to reduce business costs, delivered through a unique mix of online social networking and offline domestic and international events. EFactor has over one million members in 222 territories across 240 industries. It is incorporated and headquartered in San Francisco.
EFactor Corp. is also the parent company to a number of subsidiary service organizations each of which adds value to EFactor's members such as EQmentor, a company that delivers matching software for mentors to find the best mentees.
For more information, visit http://www.EFactor.com
Safe Harbor: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of EFactor Corp., to be materially different from the statements made herein.