The Psychic Friends Network, Inc. Goes Public Following Reverse Merger with Web Wizard, Inc.
18 Apr, 2012, 09:00 ET
LAS VEGAS, April 18, 2012 /PRNewswire/ -- The Psychic Friends Network (OTCBB: PFNI) (PFN) has listed on the NASDAQ over-the-counter Bulletin Board (OTCBB) stock exchange. Following the reverse merger with Web Wizard, Inc., the Company will now be trading under the symbol "PFNI".
Former President and CEO Ya Tang Chao has resigned as President of the company, while the executives and board of PFN Holdings Corp., have replaced the managerial positions.
"Our transition to being a public company creates enormous opportunities for us to expand our business even faster than we have as a private company. The credibility that comes with being a U.S. publicly listed company is of critical importance to investors and we are delighted to be able to meet that qualification. Now we can fully concentrate on the execution of our business plan and re-establish ourselves as an industry leader," said Marc Lasky, CEO of PFN Holdings Corp.
About Psychic Friends Network, Inc.
Psychic Friends Network, Inc. ("PFN") is a marketing and entertainment company that provides 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 throughout the 1990's with memorable television/radio marketing and infomercials generating nearly $1 Billion in revenues. Since then the psychic market has grown immensely to an estimated $2 Billion a year in the U.S. alone. The same management team who built the iconic "Psychic Friends" brand is working together again; this time with the clear advantage of the internet, social media, and easier methods for billing and better communication technology.
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DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, including statements containing the words "believes," "anticipates," "expects," "intends" and words of similar import. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that the Company believes might cause such differences include: (1) concentration of the Company's assets into one industry segment; (2) the nature of the Company's business (as defined herein); (3) the impact of changing economic conditions; (4) the actions of competitors, including pricing and new product introductions; (5) the Company's forecasts for overhead costs and growth; (6) the growth of the psychic industry; (7) the impact of social media and other current technology on the Company's business; and (8) the Company's ability to gain market share in the psychic industry.
SOURCE Psychic Friends Network, Inc.
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