SOURCE: Spiral Toys, Inc.

Spiral Toys, Inc.

August 16, 2016 06:30 ET

Spiral Toys' New Mobile-Connected Piggy Bank, Wiggy™, Is on Beta Test

Spiral Sends First Units to Consumers for Initial Beta Testing

LOS ANGELES, CA--(Marketwired - Aug 16, 2016) - Spiral Toys, Inc. (OTCQB: STOY), a leading provider of mobile-connected, wireless entertainment technology, has launched the beta program for its piggy bank product, Wiggy™. Wiggy introduces children at an early age to the concepts of earning and saving money, by combining a toy piggy bank with an easy to use interactive mobile app. 

The first units for the beta test were shipped to consumers late last week. Spiral will be using select families to test both the app and the Wiggy toy. During the next 6 weeks, Spiral will be collecting valuable feedback from these customers as it prepares to launch Wiggy nationwide. Spiral will measure consumers' ease in setting up the product, evaluate actual use of the APP and the toy, and gather technical feedback from both the APP and the physical toy. Spiral will ship over 50 units to consumers in this beta test, using the test to fine tune the product prior to holiday launch.

"Wiggy's beta program is a critical period for us, since connected experiences need to be easy to use and intuitive," commented Mark Meyers, CEO of Spiral Toys. "We feel confident that our beta testing will ensure that this product, our second to launch, is prepared for sales and satisfied customers." 

Along with the beta program, Spiral will start full production this month in anticipation of initial sales. The Wiggy product will be produced by Seveco Global in Dongguan, China. In addition, Spiral is preparing its digital marketing program to launch in October.

Since the launch of CloudPets in 2015, several noteworthy products have entered the connected toy marketplace, which has changed the marketplace for this type of product and reset consumer behavior and price points. "The product landscape has changed in the past year in a positive way. We are seeing products in the $60-$100 range having more success than the $20-$30 products," commented Joana Ubach, Head of Marketing for Spiral Toys, "These higher price points give us the opportunity for a larger per unit margin and more capital for per unit customer acquisition." 

In the coming weeks Spiral will role out their launch plans for Wiggy this holiday season. 

About Spiral Toys
Spiral Toys (OTCQB: STOY) is a California-based company, 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.