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PAWS Pet Company, Inc. Announces Acquisition of Impact Social Networking, Inc. to Create a New Technology Business Unit
Feb 24, 2012 (01:02 PM EST)
DELRAY BEACH, Fla., Feb. 24, 2012 /PRNewswire/ -- PAWS Pet Company, Inc. (OTCQB:PAWS) (OTCPK:PAWS), the innovative pet services company, announced it has purchased the technology assets of Impact Social Networking, Inc. based in Chicago, IL as part of its strategy to broaden its product and service offerings.
The new business unit, PAWS Pet Technologies, will focus on the development and sales of innovative database, web, mobile and social media technologies designed to improve the lives of pets, pet parents, and pet caregivers.
"With over 118 million U.S. households owning at least one pet, we saw an opportunity to bring our unique vision to the pet technology marketplace. The acquisition of the technology assets of Impact Social Networking, will allow the Company to become a leader in technologies and services that will benefit the lives of pets, pet parents and pet caregivers," said Dan Wiesel Chairman and CEO of PAWS Pet Company, Inc.
Under the terms of the acquisition, the Company will issue approximately 7.4 million shares of common stock, and may issue additional stock based on sales of products and services of PAWS Pet Technologies achieving certain revenue goals over the next 48 months.
About PAWS Pet Company, Inc.
PAWS Pet Company, Inc. provides innovative pet services. It's wholly owned subsidiary Pet Airways is the only airline specifically designed for the safe and comfortable transportation of pets. PAWS Pet Technologies subsidiary develops products that use database, social media, and mobile technologies such as iPhone, iPad, and Android to benefit pet parents and pet caregivers.
For more information on PetAirways, go to www.petairways.com.
For more information on PAWS Pet Company go to www.thepawspetcompany.com.
This press release includes statements that may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts, including, without limitation, statements regarding future financial position, business strategy, budgets, projected sales, projected costs, and management objectives, are forward-looking statements. Terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," "illustrates", or "believes" or the negative thereof, any variation thereon or similar terminology are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely from the results proposed in such statements. Important factors that could cause actual results to differ from our expectations include, but are not limited to: the costs and availability of financing; our ability to maintain adequate liquidity; our ability to execute our business plan; our ability to control costs; our ability to attract and retain customers; transportation demand; general economic conditions; costs of aviation fuel; competitive pricing pressures; governmental regulation; weather conditions; and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption "Risk Factors" in the Form 8-K filed with the Securities and Exchange Commission ("SEC") on March 8, 2011 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by the foregoing cautionary statements. We assume no duty to update or revise our forward-looking statements based on changes.
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SOURCE PAWS Pet Company, Inc.