Psychic Friends Network Receives $500k Investment

LAS VEGAS, May 8, 2012 /PRNewswire/ -- The Psychic Friends Network (OTCQB: PFNI), a marketing/ entertainment company providing online and telephonic psychic advice, announced today that it has received the second tranche of investment pursuant to its financing agreement with Right Power Services Ltd. This brings its total investment to $500,000 since the company's launch as a public company on March 30. The agreement calls for a third and final trance of an additional $250,000 to be invested within another 60 days.



"This investment is yet another clear vote of confidence from the investment community in the future profitability of the legendary Psychic Friends Network," said Marc Lasky, PFNI CEO. "The funding provides PFNI with additional resources to continue to execute its business plan and reestablish the legendary Psychic Friends Network as the leading brand in the field of psychic entertainment services."



The Psychic Friends Network is re-launching it's iconic brand using a customized state-of-the-art online platform. In addition to its traditional telephonic service, the new platform has integrated social networking with its own proprietary technologies to enable customers to communicate with PFN psychics by smart, mobile, and land-line telephony as well as through their computers, laptops, and hand-held devices.

Psychic Friends Network, Inc (PFNI) is a marketing and entertainment company providing on-demand psychic advice as well as daily and weekly horoscopes. PFNI connects professional live psychics with customers via telephone, social networking, and its newly developed state-of-the-art online platform enabling one-on-one interaction with video chat, voice, or text chat.

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 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 US 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.

Please visit our corporate website at http://www.PsychicFriendsNetwork.com/investor-relations

To learn more about our online operation visit http://www.PsychicFriendsNetwork.com

Investor Relations:
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[email protected]

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; (8) the Company's ability to gain market share in the psychic industry; and (9) the Company's ability to receive the final $250,000 in committed investment financing.

SOURCE The Psychic Friends Network