SOURCE: Socialwise, Inc.

Socialwise, Inc.

November 24, 2010 09:35 ET

Socialwise, Inc. Announces Successful Completion of New Funding Round

SAN DIEGO, CA--(Marketwire - November 24, 2010) - Socialwise, Inc. (OTCBB: SCLW), whose flagship brand BillMyParents® serves as their innovative teen commerce solution, is pleased to announce that they have successfully closed their previously announced offering and received additional gross funding totaling $3.4 MM. Maxim Group LLC acted as the Placement Agent in connection with the offering.

"We have laid down a solid brand awareness foundation this summer and fall in the social media, action sports retail and consumer event spaces with the teen demographic to create awareness about our teen payment solutions," commented Jim Collas, President and CEO of Socialwise, Inc. "This round of funding is intended to allow us to fully engage our national marketing and customer acquisition programs for our premium products and to quickly gain momentum in the marketplace."

The Company is poised to announce a partnership with a significant online entertainment service company intended to appeal to teens' strong desire for spending independence and which supports the viability and rapid growth of the teen prepaid card category. More large-scale marketing initiatives via targeted advertising, pro athlete-endorsed projects, social media outlets, consumer events and sponsorships are underway and will continue to roll out through 2011.

For more information, please visit: www.socialwise.com

The complete Form 8-K filed with the SEC is available here.

About Socialwise, Inc.
Socialwise, Inc. (OTCBB: SCLW) is headquartered in San Diego, CA. For more information: www.socialwise.com.

About BillMyParents®
BillMyParents® provides payment solutions for young people between the ages of 13 and 18. Our solutions range from giving parents complete control over purchases to simply monitoring purchase transactions, facilitate communication between parents and teens, and help teach financial responsibility. Our "Money Tips for Teens" blog is a resource for parents to help teens develop smart money habits. Follow us on Twitter: @BillMyParents and on Facebook: BillMyParents. For more information: www.billmyparents.com.

Certain statements contained in this press release are "forward-looking statements" within the meaning of federal securities laws, including, without limitation, anything relating or referring to future financial results and planned business activities. Such statements are inherently subject to risks and uncertainties, which include, without limitation, those in Company reports filed with the SEC. The Company can give no assurance that such expectations will prove correct. Future events and actual results could differ materially from those statements.

Contact Information

  • Media Contact:
    Sunny Zobel
    M: 503.927.4488
    sunny@zumyum.com

    Investor Relations:
    Robert Wheat
    M: 619-218-9908