SOURCE: SNAP Interactive, Inc.

December 17, 2007 11:46 ET

Update: eTwine Holdings, Inc. Announces Name Change to SNAP Interactive, Inc. and Symbol Change to STVI

Change in Name and Direction of Company Coincides With Announcement of More Than 5 Million Users for "Are You Interested" Social Networking Application

NEW YORK, NY--(Marketwire - December 17, 2007) - eTwine Holdings, Inc. (OTCBB: ETWI), a leading provider of social networking applications, announced the change of the company's name from eTwine Holdings, Inc. to SNAP Interactive, Inc. (OTCBB: STVI). SNAP is derived from the acronym for "Social Networking Application Provider." In conjunction with its name change, the Company's ticker symbol changed to STVI effective Friday, December 14, 2007. The change in name also reflects the company's diversified business plan as it places additional emphasis on developing popular applications for Facebook® Platform. SNAP Interactive's "Are You Interested" application is currently one of the top applications built on Facebook Platform as ranked by 'daily active users' with over 500,000 daily active users and over 5 million total users.

SNAP Interactive initially created the "Are You Interested" application as a traffic driver to its online dating Web site IamFreeTonight.com. The company saw a great opportunity to continue building out online dating portals when the site opened itself to outside applications. However because of the cottage industry that has emerged out of Facebook applications, the company has embarked upon this new direction reflective of this name change. "Are You Interested" ranks as the most popular dating application on the site. Other large Internet dating brands with applications include HotorNot.com, OkCupid.com, and eHarmony.com. Since its August 2007 launch, the application has grown by thousands everyday, retaining constant positions on both the "Recently Popular" and "Most Active Users" lists that Facebook makes available to the public.

"Site activity continues to increase as people seem to be embracing the concept of using dating-related applications on existing social networking sites," said Clifford Lerner, Chief Executive Officer of SNAP Interactive. "We are proactively responding to the changing direction of online dating by developing applications such as 'Are You Interested' and 'Meet New People.' Given the traffic and growth that our applications have experienced, we felt that the Company should change its name to Snap Interactive to reflect this shift in direction and to allow us to better create brand identification in the marketplace through the SNAP name."

The company will continue to trade on the OTC Bulletin Board. There are no changes in the structure, organization, or management of the company.

Facebook Platform is a development system that enables companies and developers to build applications for the Facebook Web site, where all of Facebook's users can interact with them. More than 50 percent of Facebook users return to the site each day, providing unparalleled distribution potential for applications and the opportunity to build a business that is highly relevant to people's lives. With more than 58 million active users, Facebook is the sixth-most trafficked website in the United States.

Facebook® is a registered trademark of Facebook Inc.

About SNAP Interactive Holdings:

Incorporated in Delaware and headquartered in New York, SNAP Interactive, Inc. is a leading provider of dating-related social networking applications. SNAP also offers the next generation in personals and free online dating sites for singles. Our primary online dating site is IamFreeTonight.com. IamFreeTonight.com is a 100% free online dating service for singles and offers all personals and standard online dating features for singles in addition to its unique Wingman and Date Now concepts to meet singles.

For more information visit http://www.IamFreeTonight.com.

Forward-Looking Safe Harbor Statement:

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include product demand, market competition, delays in website development, technical issues beyond our control, and risks inherent in our operations. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.

Contact Information

  • Contact:
    Cliff Lerner
    516-942-2030