|[August 07, 2014]
Virtual Piggy CEO Provides Business Update
LOS ANGELES --(Business Wire)--
Piggy, Inc. (OTCQB: VPIG), provider of Oink, the award-winning
payment technology for teens and tweens, today provided comments from
its CEO, Jo Webber, regarding its recent business progress.
Dr. Webber commented, "In early 2014, our Oink service reached the 1
million-system user mark. Our plans for this year are to increase the
size of this base both in the US and internationally across Europe, and
to increase engagement levels with the Oink service. Our second quarter
saw a doubling in the revenue over our first quarter and our highest
quarterly transactional volume, although our revenues are currently not
significant. We are anticipating significant new partnerships, product
launches and marketing campaigns to occur throughout August, September
and October that will drive both user adoption and transactional volume
and revenue. This includes a September launch of the Oink card, our
prepaid card product with Discover. The Oink card will be part of the
Oink wallet and will offer the expanded capability for Oink users to
shop in over 25 million locations worldwide."
Dr. Webber continued, "As the payments industry grows and increasingly
moves to accommodate the mobile platform, there is an intrinsic link
within payments where it is critically important to know the identity of
th person making the transaction. When this link is not provided, fraud
is prevalent whether in the form of money laundering or friendly fraud -
where someone other than the account holder is making a transaction and
the identity of the purchaser is not known. Over $11 billion a year is
lost to friendly fraud.
"We believe Oink is the only payment solution that functions as a
digital wallet allowing payments to be made by all family members. The
security, consent and payer identity functionality within the Oink
service make it uniquely positioned to deliver safe and efficient family
For information about Oink visit www.oink.com
About Virtual Piggy, Inc.
Virtual Piggy is the provider of Oink, the first e-commerce solution
that enables kids and teens to manage and spend money within parental
controls. It enables parents to teach financial management through the
use of a secure family wallet. The technology company delivers online
security platforms designed for the Under 21 age group in the global
online market, and also enables online businesses the ability to
function in a manner consistent with the Children's Online Privacy
Protection Act ("COPPA") and similar international children's privacy
laws. The company is based in Hermosa Beach, CA (News - Alert) and on the Web at: www.virtualpiggy.com.
Safe Harbor Statement
All statements herein other than statements of historical facts are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based upon our current expectations and speak only
as of the date hereof. Such statements are not guarantees of future
performance and are subject to known and unknown risks and uncertainties
that could cause our actual results to differ materially from those
expressed or implied in such forward-looking statements. Such factors
include, but are not limited to, our ability to raise additional
capital, our limited operating history and revenue, our ability to
attract and retain qualified personnel, our dependence on third party
developers, our ability to develop new services, market acceptance of
our services, legislative, regulatory and competitive developments,
enforcement of our intellectual property, general economic conditions,
as well as other factors set forth under the caption "Risk Factors" in
our Form 10-K for the year ended December 31, 2013 filed with the SEC (News - Alert),
and other subsequent filings with the SEC.
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