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Psychic Friends Network, Inc. Announces Major Corporate Expansion with Acquisition of Peer-to-Peer Lending Company, 321Lend, Inc.

August 5, 2014

Psychic Friends Network, Inc.

LOS ANGELES, CA, United States, via ETELIGIS INC., 08/05/2014 - - The Psychic Friends Network, Inc.(OTCQB:PFNI),abroad-based marketingand entertainmentcompany providingpeer-to-peeradviceservicesfor over twodecades,todayannouncedthat it has acquired 100% of the assets of321Lend, Inc., alatedevelopment stage USpeer-to-peer lending company. Headquartered in San Francisco, California,321Lend will operate as a subsidiary of PFNI.



Under the terms of theacquisition, the three co-founders of 321Lend, with backgrounds in financial services, technology, strategy consulting and consumer products, will continue to serve 321Lendin variousexecutiveroles. Additionally, Shin Hwang,321Lends CEO and co-founder, has beenappointed to the Board of Directors of Psychic Friends Network.



As a subsidiary of PFNI,321Lend is developing,andwill soon bedelivering,anonline lending platform that enables borrowers to obtain a fixed-rate personal loan, and investors to purchase notes backed by payments made ontheloans.321Lend's platform,http://www.321Lend.comis designed to be easy to use sothatpotential members can join its community within minutes. Borrowers create listings for a fixed-rate personal loan,and are then funded by investors who chose their target returnsand build their portfolios. 321Lend provides transactional services including screening borrowers for loan eligibility and facilitating payments to lenders.



Peer-to-peer lending is an alternative to thecurrentbanking system, withsignificantly lower operating costs than conventionalbanking and consumer finance institutions.



PFNI CEO Marc Lasky statedIn the1990s,PFNwas at the forefront of creating the peer-to-peer advice services industry, by being one of the first companies to connect its users directly to theiradvisors of choice. In 2014 thus far,peer-to-peer lendinghas originated over $2 billion in loans, and its still in its infancy stage.With that kind of base,and PFNIs peer-to-peer track record of success,youdont have to be psychic to predictthatwe willbe at the forefront of this emerging market.



Since 2007, peer-to-peer lendinghas been one of the fastest growing industries, withyear over year, triple digit growth. As of the end of 2013, the industry has grown to become a $5B+ market. Though it has had stellar growth, it is still at a very early stage market in a huge multi-trillion dollar industry. Credit card balances alone in theUS representan$850B+ opportunity, said Shin Hwang, CEO of 321Lend.We believethat the Peer-to-Peer lending business model will revolutionize the financial industry



About321Lend, Inc.

321Lend,iscurrentlyin thelatedevelopment stage,with itssiteexpectedtolaunch later thiscalendaryear.Itsproprietary technologyis near completion with a teamof seasoned developerswith over 25 years of experience in the global banking industry includingpeer-to-peerlending platforms.



About The Psychic Friends Network, Inc.

The Psychic Friends Network, Inc.(PFNI) is a marketing company providing on-demandpeer-to-peeradviceservices. PFNI connects customers with professional live psychic readers via telephone (mobile and landline) and through their newly developed state-of-the-art online platform enabling interaction with video chat, voice or text chat. PFNI pioneered the psychic industry with memorable television/radio marketing and infomercials generating nearly $1 billion in revenues.



To learn more about PFN, visithttp://www.PsychicFriendsNetwork.com.

To learn more about 321Lend, visithttp://www.321Lend.com



Pleasevisit our corporate website at:

http://www.psychicfriendsnetwork.com/investor-relations/

Or Call Investor Relations: +1-866-363-3984

oremail:IR@psychicfriendsnetwork.com



Safe Harbor Statement

This news release contains forward-looking statements, including statements containing the words "believes," "anticipates," "expects," "intends," "could," and words of similar import. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that the Company believes might cause such differences include the success of 321Lend in implementingits business plan and the peer-to-peer lending market generally.



CONTACT:



PFN Investor Relations

866-363-3984

IR@psychicfriendsnetwork.com

http://www.psychicfriendsnetwork.com/investor-relations/







SOURCE:The Psychic Friends Network, Inc.


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Source: eTeligis.com


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