SOURCE: Techs Loanstar, Inc.

October 21, 2010 06:00 ET

Techs Loanstar Enters Into Agreement to Acquire Social Network Technology; Plans on Developing Niche Social Networks

WEST PALM BEACH, FL--(Marketwire - October 21, 2010) -  Techs Loanstar, Inc. (OTCBB: TCLN) ("Techs" or the "Company"), a company in the social network industry through its wholly owned subsidiary ZenZuu USA, Inc. ("ZZUSA"), today announced it has entered into a non binding Letter of Intent ("LOI") to acquire the social network technology that it currently has been utilizing under an exclusive license in the United States. It is anticipated that through the acquisition the Company will own the technology worldwide. Barry Hollander, CFO of the Company, stated, "We believe that acquiring this technology will enable us to execute our business plan on a world wide scale, in developing niche social networks. Vertical niche markets are growing rapidly as industry research reveals that advertisers will spend across all social networks nearly $2 billion in 2010, up from nearly $900 million in 2007. We anticipate marketers and advertisers to increasingly look to vertical niche sites to target their advertising, and consumers (niche social network members) to connect with others based on similar interests."

Contest Partners, Inc. ("CPI") a wholly owned subsidiary of the Company, had previously announced the launching of its first online contest, "Sexy and the Cyber Slam" later this month. Hollander, stated, "For the longer term it is anticipated that 'Sexy and Cyber Slam' will develop into its own vertical niche social network by the introduction of additional similar themed contests, thereby increasing its member base and its attractiveness to specific advertisers. In addition, uniquely themed contests (i.e. best musician, best comedian, weight loss) are being planned for future development. Now we also have the ability to develop unique social networks based on shared interests of a particular group, for example poker players, antique collectors or car enthusiasts, with the ability to customize each of these types of 'social networks.'"

About ZenZuu USA, Inc.
ZZUSA, a Nevada Corporation, was formed on June 5, 2009 for the purpose of seeking a business opportunity in the online social network industry. On June 8, 2009 ZZUSA merged (the "ZZP Merger") with ZZPartners, Inc. ("ZZP"), a Nevada corporation, formed in April 2008. ZZP was formed to acquire an exclusive license to use and operate in the United States, the online social database and advertising revenue-share model developed and maintained by ZenZuu, Inc. ("ZZI"), a Nevada corporation. In the ZZP Merger, ZZUSA acquired the license as well as all of the other assets and liabilities of ZZP. 

About Techs Loanstar, Inc.
Techs Loanstar, Inc., a Nevada company, was initially organized to provide loan management service and software for the equity and payday loan industry. Upon completion of the Share Exchange, Techs ceased all operations relating to its historical business and has adopted the business plan of ZZUSA.

The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Any statement containing words such as "believes" "anticipates" "plans" or "expects" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion of such risks and uncertainties.

Contact Information

  • For Further Information Contact:
    Barry Hollander
    Chief Financial Officer
    (561) 514-9044