Virtual Piggy enters Memorandum of Understanding with ROK mobile
PALM BEACH, Fla., Sept. 13, 2016 /PRNewswire/ -- Virtual Piggy Inc. (OTCBB: VPIG) announced today the execution of a Memorandum of Understanding with ROK Mobile, a provider of innovative telephone and technology services, to include Virtual Piggy's new Peer to Peer mobile payment system OINK as part of ROK's offering. It will also explore the use of Virtual Piggy in ROK's European markets. ROK Mobile recently announced the release of its new low radiation phone ROKiT 1 developed using proprietary NASA technology.
The ROKiT 1 will be the world's first low radiation smartphone with plans to utilize a NASA developed electromagnetic radiation shielding material originally developed for space applications. The intent is to minimize potentially dangerous radiation exposure that recent studies indicate may cause harmful lasting effects. ROK Mobile offers multiple plans which that come with talk, text, 4G LTE data as well as value-added services like the protection package with $100,000 in accidental death coverage, $20,000 in burial costs or ROK Music, a proprietary music streaming mobile app with over 20 million tracks.
John Coyne, CEO of Virtual Piggy said, "This is the first step of a two-part strategy. The first step was for Virtual Piggy to develop a compelling technical platform architecture unlike anything in the payment market; the second, was to partner with businesses that would accelerate our access to our target audience and reduce both our infrastructure overhead and cost of acquiring customers from the 80 million 18 and under consumers that influence massive spending in the US alone. Since the initial launch of Virtual Piggy our targeted market of the under 18's has grown from $160 billion of child influenced spending to some $259 billion. Clearly, this is a market that has unmet needs which the new OINK peer to peer mobile platform can fulfill, when coupled with an advanced mobile capability like that provided by ROK Mobile".
The agreement also explores a joint program to increase distribution capability through partnerships that Virtual Piggy is currently developing in the inter-scholastic competitive sports market and through major retail chains. Coyne further explains, "ROK Mobile is an innovative business with aggressive growth ambitions and we are pleased to be partnering with them in the exploratory phases of our joint interests. This partnership will be beneficial for both parties and demonstrate that with the right initiatives, vision and leadership an untapped market can be serviced, producing extraordinary value for our customers and our investors".
ROK Mobile Co-Founder and Chairman Jonathan Kendrick noted "As ROK turns its attention to the under-appreciated youth market; we feel this partnership makes sense. OINK can provide our underage consumers with a way to explore spending in a safe and secure way, giving ROK Mobile the edge on this demographic, and feeding our growing interest in the youth segment of our services."
Investor John Paul DeJoria, added, "As an investor in both ROK Mobile and Virtual Piggy, I am excited to watch both companies thrive together. I whole-heartedly believe this partnership will not only provide ROK and Virtual Piggy equally beneficial opportunities, but define how the under 18 market will spend and financially interact in the future safely.
Based in Palm Beach, Florida Virtual Piggy Inc. holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395.
SOURCE Virtual Piggy Inc.
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