SOURCE: Spiral Toys, Inc.

Spiral Toys, Inc.

May 12, 2016 13:19 ET

Spiral Toys to Help U.S. Banks and Credit Unions Open Children's Savings Accounts With Internet-Connected Piggy Bank

Spiral Toys Adding IoT to the World Saving at a Young Age

LOS ANGELES, CA--(Marketwired - May 12, 2016) - Spiral Toys, Inc. (OTCQB: STOY), a leading provider of mobile-connected, wireless entertainment technology, launched their new connected piggy bank product, Wiggy™, last month. Wiggy introduces the concept of earning and saving money at an early age by combining IoT (Internet of Things) technology and mobile applications integrated into a physical toy piggy bank. Spiral gave consumers a preview of Wiggy through a presale launch last month and announced that the next phase to be introduced through partnerships with financial institutions.

This week Spiral launched a campaign with banking industry veteran Ben Bloch. Mr. Bloch's experience working both in the banking industry, with innovative Fintech startups and large technology companies like IBM, is a great combination for building our Wiggy program with retail banks. Mr. Bloch and his team have partnered with Spiral to build a comprehensive program through which Wiggy can be used by banks to introduce young consumers to the concept of saving. 

The program allows kids to tie their Wiggy bank, wirelessly to their savings account. Kids can use the Wiggy application to set goals, and track their savings progress. Parents can then set chores and tasks for the child to complete. As the child completes tasks, money is transferred into the child's savings account. Wiggy acts as a way to notify the child of tasks, money deposited, and savings balance through different aspects of the internet-connected device. Since there are so many different things that can attract a child's attention, Wiggy is a physical item that keeps children engaged in their path of earning and saving money and gives parents a fun tool to provide education and reinforce work ethic for schoolwork, chores and rewards for a job well done.

"Spiral is always looking for unique channels to engage new customers. Offering Spiral products through banking institutions gives us the opportunity to work with partners that have the same goals in mind." Commented Mark Meyers, CEO of Spiral Toys. "Mr. Bloch's experience working both in the banking industry and with leading technology companies like IBM is a great combination for building our Wiggy program with retail banks. Additionally, our recently expanded management team is working hard with Mr. Bloch to build aggressive marketing programs that will attract new customers to our banking partners."

Ben Bloch added, "Wiggy will give banks the opportunity to engage young consumers in a new and unique way. We have already introduced the concept to several banking institutions to construct the right program and the response has been amazing. In the coming weeks we will fine tune the program and will start putting select partnerships in place."

For more information on our retail banking programs, or this release, please reach out to Mr. Benjamin Bloch at benbloch@spiraltoys.com or visit www.wiggyapp.com.

About Spiral Toys
Spiral Toys (OTCQB: STOY) is a California-based company with a business, founded by a former senior executive of Disney and Sony, focused on developing and marketing products and mobile applications in the mobile-connected space. Spiral's mobile-connected entertainment platform connects physical items to today's top mobile devices through wireless technologies, creating a new kind of interactive user experience.

Spiral sells its products worldwide, and is developing additional applications based on its platform technology for several different verticals within the entertainment industry. Spiral collects revenue on both the physical purchase of goods and the sale of digital content through Apple's App Store and the Google Marketplace. The company also acts as co-developer with major entertainment studios. For more information, visit www.spiraltoys.com.

Forward-Looking Statements
All statements in this press release that are not based on historical fact are "forward-looking statements." The terms "expects", "would", "will", "believes", and similar terms are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Spiral Toys in light of its experience and its perception of current conditions and expected future developments, as well as other factors that Spiral Toys believes are appropriate in the circumstances. Many factors could cause Spiral Toys' actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. These risk factors and others relating to Spiral Toys that may cause actual results to differ are set forth in Spiral Toys' periodic filings with the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Spiral Toys' forward-looking statements. Spiral Toys has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.