WikiLoan Improves Business Model and Upgrades Platform

Jun 21, 2010, 07:30 ET from WikiLoan, Inc.

LOS ANGELES, June 21 /PRNewswire-FirstCall/ -- WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network, is pleased to announce that Edward J. Heiser, Jr., who is head of the Consumer Financial Services Group at the Milwaukee law firm Whyte Hirschboeck Dudek S.C., has performed a comprehensive review of WikiLoan's legal documents, disclosures, the position of its platform offering, and the ability of the Company to offer its services in all 50 states.  WikiLoan is implementing the requisite changes that will enable the Company to expand its services.  

The platform, located at WikiLoan's www.wikiloan.com website, was down over the weekend while changes were being made and the servers are moved to a SAS70 Type II facility.  

"We were fortunate to have Edward Heiser and the Consumer Financial Services Group at Whyte Hirschboeck Dudek, one of country's premier consumer finance law firms, perform this important initiative.  In addition to allowing us to offer our services nationwide, this move provides clarity on key issues that our potential allies wanted us to address, which should help facilitate improved strategic opportunities going forward," said Edward DeFeudis, WikiLoan's founder.

"Over the past few months, WikiLoan has been in various stages of discussion with funding groups, management teams and large Internet companies, to provide our services to their client bases, but most high-level discussions stalled when they would request an updated full-blown legal opinion on our business model.  

"Now that we have a full legal review of our platform and the ability to offer our services in all 50 states, it should allow us to close some of the deals that we have been working on and scout for more," added DeFeudis..

About Whyte Hirschboeck Dudek S.C.

WHD is a 65 year old law firm with more than 50 industry and specialty teams, which have legal expertise in over 40 practice areas.  The firm's business clients range from large and medium-sized businesses to entrepreneurial start-ups.  WHD is a member of the International Business Law Consortium (IBLC) and ALFA International.

About WikiLoan

WikiLoan is a Social Network with a focus on finance. At WikiLoan.com, family and friends can borrow and lend money among themselves at rates suitable to their respective needs.  The company's website provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.

Investors may contact: Ben Hansel, 214-498-8146

This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.

SOURCE WikiLoan, Inc.



RELATED LINKS

http://www.wikiloan.com