Unedited news and product information from vendors.
WikiLoan Shareholder Update
Mar 09, 2010 (04:03 PM EST)
DELRAY BEACH, Fla., March 9 /PRNewswire-FirstCall/ -- WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network would like to present the history and progress of WikiLoan, Inc. to its shareholders.
CEO, Mr. Garibaldi comments: "Remember, Bill Gates, Michael Dell, Steven Jobs? – They all started out as the proverbial 'two guys in a garage' creating a business that they believed would transform antiquated models. We started out like them - Two guys in a 'garage', with a vision to replace an old platform with a 21st-Century one. We overcame tremendous obstacles, spent over $1 million and 20,000 man-hours, to create this new platform that we believe will take the lending business to its next evolution. Like us, Gates and company, recognized a time to raise capital and bring on seasoned management into their 'garage,' so their creation could go to the next level. The boldness, relentlessness and uphill battles to uphold a belief are exhausting, and that's why just a few brilliant entrepreneurs get to the finish line. And, that's also why some archaic institutions, such as banks, remain in business instead of making way for the new century's platforms, such as WikiLoan. If we're able to close on the financing to bring in the big management and close on the acquisitions we're targeting, we believe we'll be on our way to realizing our (garage) dream of becoming a billion -dollar company."
Overall traffic is picking up at a very fast clip, and the company is starting to see momentum on the website with new borrowers and lenders signing up everyday.
The peer-to-peer lending business plan executed within the corporation began on January 18, 2008. The company was in development for close to two years as Swap-a-Debt, Inc. After beta testing the software thoroughly and spending more than $1 million, the live version of the website finally launched as www.wikiloan.com on December 21, 2009.
"The biggest hurdle for us was to build a software to rival the biggest players in the market on a budget that was a fraction of the competition. Other companies such as Prosper.com raised as much as $40 million to get their companies to where I believe WikiLoan is today," said Edward C. DeFeudis, Founder and President of WikiLoan, Inc.
The two Founders, Mr. DeFeudis formerly of Merrill Lynch and Mr. Garibaldi formerly of IBM, managed the massive outsourcing development project to build WikiLoan's robust 100% proprietary peer-to-peer lending platform. Many more modules already built for the platform will be activated as the company continues to execute its strategy. The management estimates that as much as 20,000 man-hours have gone into the development of the software that makes www.wikiloan.com what it is today. WikiLoan used more than 20 programmers, 4 attorneys, 2 accountants, and several consultants throughout the development process. The company still retains 5 programmers, 2 attorneys, 1 accountant and several consultants. The company may hire as many as 8 full-time employees over the next 12 months.
The company will continue to focus on building its user base in hopes to eventually gain a leadership position in peer-to-peer lending space.
WikiLoan is a Social Network with a focus on finance. At WikiLoan.com, family and friends can borrow and lend money among themselves at rates suitable to their respective needs. The company's website provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
Investors may contact: WikiLoan, Inc., 561-865-5310.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
SOURCE WikiLoan, Inc.