Psychic Friends Network (OTCBB: PFNI) Buys Out PsychicFriend.com in New Expansion Program
"Our goal is to once again dominate the psychic service industry." - PFN CEO Marc Lasky
LAS VEGAS, June 7, 2012 /PRNewswire/ -- The Psychic Friends Network (OTCBB: PFNI) a marketing and entertainment company providing online and telephonic psychic advice, today announced that it has bought out WWW.PSYCHICFRIEND.COM as part of its new industry-wide expansion program.
The purchase is the first of numerous such moves now underway as PFN begins the process of acquiring various competing psychic services to help grow and expand the Psychic Friends Network brand globally. The company's goal is to again become the world's leading provider of psychic advice services.
PFN CEO Marc Lasky said, "Our goal is to once again dominate the psychic service industry, just as we did when we pioneered the concept a decade and a half ago. Right now, the industry is fragmented. We believe we can provide a better product to customers around the globe by consolidating and expanding psychic services, and once again controlling their quality."
The psychic services industry that the Psychic Friends Network is now moving to dominate is considered by financial analysts to be a highly lucrative marketplace. According to a recent report from IBSWorld Market Research, over the five years from 2007 to 2012, while most other industries were suffering the ill effects of an economic downturn, the psychic services industry grew at an average annual rate of 2.0% to an estimated $2.1 billion.
"Despite that significant growth," said Lasky, "most psychic services providers in the field today still operate with the same telephonic platforms created by the Psychic Friends Industry in the mid-1990s. That leaves the door wide open for online innovation, which we believe will bring in a young, new, upwardly bound customer base with a substantial amount of disposable income."
According to the IBSWorld report, "There are no companies with a dominant market share in this industry." It is that potential for growth that is spurring the Psychic Friends Network to begin buying out its competitors and seeking to once again dominate what it considers a major growth industry.
The Psychic Friends Network, Inc. ("PFN") is a marketing and entertainment company providing on-demand psychic advice as well as daily and weekly horoscopes. PFN connects professional live psychic readers with customers via telephone (mobile and landline) and through their newly developed state-of-the-art online platform enabling interaction with video chat, voice or text chat.
PFN pioneered the psychic industry with memorable television/radio marketing and infomercials generating nearly $1 billion in revenues.
To learn more about PFN corporate and investor relations, visit The Psychic Friends Network Investor Relations
To learn more about PFN online operation visit http://www.PsychicFriendsNetwork.com
Investor Relations:
+1-866-363-3984
[email protected]
SOURCE Psychic Friends Network, Inc.
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