The Psychic Friends Network, Inc.
Under the Symbol:
Psychic Friends Network, Inc. Becomes "Peer to Peer Network," Name Change Reflects Broad New Corporate Direction and announces update on Subsidiary 321Lend, Inc.
Thursday, December 4, 2014 8:15 AM
After Pioneering Peer-to-Peer Advice Services, PTOP is Now Committed to Taking the Lead in the Booming New Peer-to-Peer Online Industry
SAN FRANCISCO, CA / ACCESSWIRE / December 4, 2014 / The Psychic Friends Network, Inc., (OTCQB: PTOP) a broad-based marketing and entertainment company providing peer-to-peer advice services, today announced that it has changed its company name to "Peer to Peer Network," (www.Peer2PeerNet.com), reflecting its expanded new corporate direction into all facets of the booming peer-to-peer industry.
The name change comes on the heels of the former "Psychic Friends Network" recent acquisition of 321Lend, Inc., a late-stage development US peer-to-peer lending company. Headquartered in San Francisco, California, 321Lend operates as a subsidiary of Peer to Peer Network.
Following the acquisition of 321Lend, PFNI made the corporate decision to create an umbrella company called "Peer to Peer Network" (PTOP) under which it will now operate a variety of new subsidiaries and divisions, each taking the lead in a different, diverse area of collaborative marketing. This will include such peer-to-peer services as legal assistance, accounting services, and peer-to-peer lending, and, of course, spiritual and personal counseling.
PTOP has already begun the task of finding other peer-to-peer businesses to join its umbrella, by adding other divisions, including for ride sharing, house rentals, and shared tasking. Its PTP Task Force is now reaching out nationwide in search of start-up "sharing economy" companies eager to come under the PTOP umbrella.
Terming the acquisition and name change, "a benchmark moment for a landmark company," Peer to Peer Network CEO Marc Lasky said, "We are very excited about the vast potential of the peer-to-peer shared economy. PFN was at the forefront of creating the peer-to-peer advice services industry, by being one of the first companies to connect its users directly to their advisors of choice. Now, with our acquisition of 321, Lend, we are determined to be at the forefront of the sharing economy."
The peer-to-peer Industry, also known as the "sharing economy" is a rapidly growing phenomenon that is changing the face of the global marketplace. Forbes estimates the revenue flowing through the sharing economy directly into people's wallets will surpass $3.5 billion this year, with growth exceeding 25%. At that rate "collaborative consumption" is moving from an income boost in a stagnant wage market into what many now see as a transformative economic force.
According to a recent article in the Harvard Business Review, peer economy marketplaces now "transcend the simple trade conducted on eBay, and are instead inventing an entirely new asset-light supply paradigm." Companies adopting this new paradigm, the article says, realize "that they could leverage new information technologies to reengineer, reorganize and radically streamline their production and service delivery ... So the reengineered consumption models of the sharing economy are now well poised to go mass-market."
Update on 321Lend, Inc.:
321Lend is excited to announce that the front-end of its website, http://www.321Lend.com, is now live! The platform will allow accredited investors to lend by searching on loans listed by prime borrowers who meet 321Lend's rigorous qualification criteria. By developing and regularly updating its proprietary rating model based on FICO score, income history, and other critical parameters with strong back testing approaches, 321Lend believe this would provide a long term benefit to both lenders and borrowers. "We are working diligently to complete the back-end of our web platform which we think will be a game changer," says 321Lend's CEO Shin Hwang. The website discusses more of its business model, requirements for becoming a lender and borrower.
Additionally, 321Lend has created a Facebook application, called, Wheel of Trust, a Rotating Savings and Credit Association ("ROSCA") which is also live. ROSCAs are among the oldest and most prevalent savings institutions found in the world and play an important role in savings mobilization in many developing economies. This application allows Facebook members to tap into their existing network to organize and participate in funding. Wheel of Trust provides borrowers who do not qualify for traditional loans at banks and peer to peer lending platforms access to needed capital. For more information, please visit its Facebook page.
About Peer to Peer Network:
Peer to Peer Network ("PFNI") is a holding company of innovative peer to peer ventures focused on adding values for our users. Its current holdings include The Psychic Friends Network, and 321 Lend, Inc.
To learn more about Peer to Peer Network and our list of companies, please visit http://www.Peer2PeerNet.com, call Investor Relations: +1-866-363-3984 or email to: [email protected].
Safe Harbor Statement:
This news release contains forward-looking statements, including statements containing the words "believes," "anticipates," "expects," "intends," "could," 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 the success of 321Lend in implementing its business plan and the peer-to-peer lending market generally.
Psychic Friends Network, Inc.
SOURCE: Psychic Friends Network, Inc.