LOS ANGELES, June 14, 2011 /PRNewswire/ -- WikiLoan, Inc. (Pinksheets: WKLID), a financial social network, has been informed that SDI Distributors NJ, Inc. (SDI) has been acquired and is subsequently terminating their agreement for the development and distribution of "Wiki" branded phone cards with WikiLoan. SDI entered into acquisition discussions in the 1st Quarter of 2011, which put the WikiLoan project on hold. SDI was ultimately acquired by a larger operator, which is not focused on adding new lines of business.
The management believes that the "Wiki" branded card project has merit due to it generating in excess of $600,000 in revenue in the 4th Quarter and is seeking additional partners to move it forward.
As part of the termination, SDI has returned performance based shares earned subject to the agreement.
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: Investors may contact:
Ben Hansel
(720) 288-8495
[email protected]
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.
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