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SOURCE Grandparents.com, Inc.
NEW YORK, March 21, 2013 /PRNewswire/ -- Grandparents.com, Inc. (OTCBB: GPCM) announced today that the Company is continuing its efforts to focus on developing revenue generating activities led by an insurance division that will offer health, auto, home, life and other insurance products to its nearly 2,000,000 members under relationships with insurance companies to be established for the Company under the personal direction of Maurice "Hank" Greenberg and his executive team at Starr International Group ("Starr"), with whom the Company entered into a Strategic Alliance Agreement effective March 1, 2013.
In the past year, the Company has accomplished many of its goals and even surpassed a few. As we look back over 2012, we are proud of what we have been able to achieve:
Like most early stage developing companies, we continue to face substantial financial challenges. Although our membership ranks have increased dramatically, our advertising revenue has significantly declined compared to the previous year. The significant decline is due in part to challenges facing the digital advertising industry in general, with oversaturation and pricing pressures for placement of advertising on the Internet. Although we have not been able to generate significant revenue from these endeavors to date, we expect our efforts will begin to come to fruition in 2013 and beyond. While we have made a strong effort to reduce our overhead, we continue to seek capital to fund ongoing operations. Since the beginning of the 4th quarter of 2012, we raised $950,000 under a secured bridge loan and an additional $600,000 on an unsecured basis, primarily from members of our Board of Directors and an advisor to the Company. Going forward, we will need to raise significant capital in order to successfully implement our business plans.
We appreciate your continuing faith in our management team and will continue to strive to turn our accomplishments into a healthy on-going and sustainable business.
Grandparents.com, Inc. (OTCBB: GPCM) is engaged with the largest and wealthiest demographic group in the U.S. – America's 70 million grandparents. As the # 2 website in the age 50+ segment of the population, and a social media and marketing company with nearly 2 million members, Grandparents.com seeks to deliver a seamless experience to its audience across all digital platforms. Grandparents.com was recently ranked # 8 on Facebook's ten most shared brands.
Various statements in this release, including those that express a belief, expectation or intention, may be considered "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects. Forward-looking statements may also include projections and estimates concerning our future operating results and financial condition. When we use the words "will," "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
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