KIWIBOX.COM, Inc. (OTC Bulletin Board: KIWB), announced today that it has signed a Letter of Intent to potentially acquire a privately held, international social network enterprise. Kiwibox and the target are currently in a five-month due diligence period during which Kiwibox will complete its examination of all of the material components of the acquisition target, including its technologies, financial data and operations. Based upon a pledge of confidentiality and several contingencies to consummation of the potential acquisition, neither the name of the acquisition target nor the Letter of Intent are being disclosed at this time.
“Through acquisition or organic growth,” stated Andre Scholz, President and CEO of Kiwibox, “we are committed to increase our membership and advance our website technology in order to bring value to our shareholders.”
KIWIBOX.COM is the only stand-alone social network community company whose shares are traded in the public stock market under the trading symbol “KIWB”. KIWIBOX.COM was founded in 1999 to give teenagers a voice on the internet and was a leader in the teen oriented world for several years. In 2008, the company launched a new version 2.0, expanding its community to serve old teens & young adults to explore, connect and party. After a restructuring of the company in 2009, a new website technology platform was integrated in 2010. Further developments include the integration of state-of-the-art mobile technology which, in combination with traditional marketing efforts, are being integrated into our strategic plan to increase membership and further enhance our position as a prominent website in the social networking world for young adults and old teens. In addition, Kiwibox is currently investigating potential acquisitions to increase its organic growth.