SOURCE: Socialwise, Inc.

Socialwise, Inc.

April 26, 2011 16:15 ET

Socialwise, Inc. Issues Announcement

SAN DIEGO, CA--(Marketwire - Apr 26, 2011) - Socialwise, Inc. (OTCBB: SCLW) announced today that James Collas is stepping down from his roles as Chairman and Chief Executive Officer to devote himself full time to the internal operations of the Company. Mark Sandson, a director of the company, has been named interim Chairman and Chief Executive Officer and is leading a search for the Company's next Chief Executive Officer, a proven industry leader, to take the Company to the next level.

"I look forward to focusing my efforts on the rapid acceleration of BillMyParents card sales, which are substantially exceeding our internal forecast for the year," said Mr. Collas. "I'm also excited to drive new innovations with the goal of continued product leadership of BillMyParents in the youth payment solution market."

Mr. Sandson said, "We are very encouraged by the progress of BillMyParents to date. With Jim's full focus on operations and product enhancements, the BillMyParents platform is poised for continued success."

BillMyParents specializes in convenient and safe payment solutions to help families manage teen spending. Their solutions extend to both online and traditional brick-and-mortar retail environments.

About Socialwise, Inc.
Socialwise, Inc. (OTCBB: SCLW) is headquartered in San Diego, CA. and is currently seeking shareholder approval to change its legal name to BillMyParents, Inc. For more information: www.socialwise.com

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