Snap Interactive Announces Management Changes

New COO Brings Successful Track Record in Mobile and Internet

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Mar 05, 2014, 08:00 ET

NEW YORK, March 5, 2014 /PRNewswire/ -- Snap Interactive, Inc. ("SNAP" or the "Company") (OTCQB: STVI), a leading social dating provider and owner of AYI.com, today announced the appointment of Alex Harrington as Chief Operating Officer. Prior to joining SNAP, Mr. Harrington served as Co-Founder and Senior Advisor to Indicative, a business analytics software-as-a-service provider since May 2013. Mr. Harrington also previously served as Chief Executive Officer of MeetMoi from June 2009 to November 2013, a social dating mobile platform, prior to the sale of MeetMoi to Match.com, and Senior Vice President of Strategy and Operations for Zagat Survey from 2004 to 2008, where he oversaw a transformation of the digital business ultimately culminating in the company's sale to Google. In addition, the Company announced the resignation of Jon Pedersen as Chief Financial Officer, effective March 15, 2014. Mr. Pedersen will remain an advisor to SNAP for six months to ensure a smooth transition as Alex takes over Mr. Pedersen's responsibilities as well as continue to provide strategic guidance.

SNAP's Chief Executive Officer, Clifford Lerner, commented, "The hiring of Alex brings upon a new chapter for SNAP as we are extremely excited and fortunate to bring someone with Alex's pedigree on board. His experience growing digital and social businesses will prove invaluable as SNAP moves toward profitability, and his extensive leadership and management experience will help us grow effectively as we take SNAP to the next level."

Lerner continued, "AYI.com is off to a tremendous start in 2014 with our active subscriber base increasing approximately 12% in the first two months of 2014, With over 25 million Facebook® connected profiles, 70 million total installs, and 2 billion pieces of structured interest data, we believe AYI.com is poised to become a leader in the online dating space. With such an incredible amount of social and interest-based data combined with the engineering and product talent at SNAP and the hiring of Alex, we are going to take a fresh look at our business in order to identify new opportunities in dating and beyond as we enter this new phase. Alex's experience will enable us to explore and execute upon these initiatives for AYI.com and SNAP. "

SNAP's Chief Operating Officer Alex Harrington added "I'm extremely excited to join SNAP. AYI.com is growing again and I believe we're just scratching the surface of what can become of AYI.com and SNAP."

Clifford Lerner added, "In addition, I'd like to thank Jon for his service over the last two years. Jon has capably worn many hats and has been instrumental in putting together the organizational structure and business plan we are now executing on. With the business performing as well as it is and with continued growth ahead, it is the right time to make this transition and we wish Jon well on his future endeavors. We are excited that Jon will remain with the Company as an advisor over the coming months."

Alex Harrington Biography
Mr. Harrington, age 42, was appointed as our Chief Operating Officer in February 2014. Mr. Harrington has served as Co-Founder and Senior Advisor to Indicative, a business analytics software-as-a service provider since May 2013. Prior to Indicative, Mr. Harrington also served as Chief Executive Officer of MeetMoi from June 2009 to November 2013, a social dating mobile platform, prior to the sale of MeetMoi to Match.com. Mr. Harrington previously served as the Senior Vice President of Strategy and Operations for Zagat Survey from 2004 to 2008, where he oversaw a transformation of the digital business which ultimately culminated in the company's sale to Google. In prior roles, Mr. Harrington served as the Senior Director of New Business Development at Sony BMG Entertainment and as an associate and analyst in investment banking at The Beacon Group and Smith Barney, respectively. Mr. Harrington holds a Master's of Business Administration degree from the Wharton School at the University of Pennsylvania and a Bachelor's degree of Arts in History from Williams College.

About Snap Interactive, Inc.
Snap Interactive, Inc. develops, owns and operates a social dating application for social networking websites and mobile platforms. SNAP's flagship brand, AYI.com is one of the largest social and mobile dating applications on the Internet and offers a completely integrated Facebook, iPhone, Android and Web dating application. AYI.com's mission is to improve the online dating experience of meeting new people by integrating a user's friends and interests to enable more meaningful connections. For more information on SNAP, please visit http://www.snap-interactive.com/, its online dating blog at http://www.ayi.com/dating-blog, on Facebook at facebook.com/SnapInteractiveInc and on Twitter at @SNAPInteractive.

The contents of our websites are not part of this press release, and you should not consider the contents of these websites in making an investment decision with respect to our common stock.

Facebook® is a registered trademark of Facebook, Inc. iPhone® is a registered trademark of Apple Inc. Android® is a registered trademark of Google Inc. AYI.com® is a registered trademark of Snap Interactive, Inc.

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Forward-Looking Statements
This press release contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates, forecasts and assumptions and are subject to risks and uncertainties. Words such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "project," "seek," "target," and variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to certain risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed by the forward-looking statements, including, but not limited to, the following: general economic, industry and market sector conditions; the Company's future growth and the ability to obtain additional financing to implement the Company's growth strategy; the ability to achieve break-even cash flow; the ability to grow revenue, decrease expenses and increase the number of active subscribers or new subscription transactions; the ability to anticipate and respond to changing user and industry trends and preferences; the intense competition in the social dating marketplace; and circumstances that could disrupt the functioning of the Company's application and websites. In evaluating these statements, you should carefully consider these risks and uncertainties and those described under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other Securities and Exchange Commission filings.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.

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SOURCE Snap Interactive, Inc.