SOURCE: Spiral Toys, Inc.

Spiral Toys, Inc.

January 12, 2016 09:00 ET

Spiral Toys Introduces Wiggy, an Internet-Connected Piggy Bank for the Next Generation of Savers

LOS ANGELES, CA--(Marketwired - Jan 12, 2016) - Spiral Toys (OTCQB: STOY), a leading provider of mobile-connected, wireless entertainment technology, has introduced Wiggy™, a mobile-connected piggy bank for children.

The product introduces the concept of saving at an early age by combining a toy piggy bank with an interactive mobile app and a linked bank account. Through the mobile app, parents, grandparents and other friends and family can securely deposit funds to a child's bank account for birthdays and holidays, or to reward the child for great school grades and completing their chores. 

Wiggy incorporates the same Blue Tooth Low Energy (BTLE) technology that powers Spiral's flagship CloudPets plush toys. The unique technology connects the Wiggy mobile app on popular mobile devices to the physical piggy bank which has the ability to light up with different colors, oink, and shake.

"Wiggy will be the first product to link a piggy bank with a child's banking account, making saving fun, engaging and rewarding for the whole family," said Spiral Toys CEO Mark Meyers. "Wiggy will build on the success of our CloudPets line by offering a mobile-connected experience that teaches children important life lessons around earning and saving money."

Through the Wiggy app, parents can easily set up a reward system, where tasks and chores provide a way for a child to earn money. Money can be transferred from the parent's bank account into their child's account when they complete tasks and chores.

Parents will also be able to invite friends and family to make deposits on any special occasion, like birthdays and holidays. The app allows children to check their bank account balance and set savings goals.

Spiral has completed successful consumer field tests with Wiggy, and is planning an official comprehensive media launch in the second quarter of 2016. The launch will include a national marketing campaign driving direct sales and brand awareness to lead toward a retail launch of the product in the second half of 2016.

"While with CloudPets we are monetizing our growing mobile user base with the sale of digital content, Wiggy expands our revenue model with a tremendous opportunity to deploy mobile financial technology as seen with PayPal and Venmo, such as in money transfer and electronic payments," noted Meyers. "In fact, we are currently in discussions with a number of financial and banking institutions regarding this new element of our platform."

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.

Contact Information

  • Company Contact:
    Akio Ariura, CFO
    Spiral Toys
    Tel (800) 598-6845
    Email Contact

    Investor Relations:
    Michael Koehler
    Liolios
    Tel (949) 574-3860
    Email Contact