Yesterday, Techs Loanstar, Inc. announced that it has entered into a non-binding Letter of Intent to obtain the social networking technology that it has been using (through its subsidiary ZenZuu USA Inc.) under an exclusive license in the US.
Techs Loanstar was originally created to provide loan management services and software for the equity and payday loan industry, but upon acquiring ZenZuu USA, ceased pursuing their services in loan management and took on the business plan of ZenZuu.
Techs Loanstar, through its subsidiary Contest Partners, Inc, has announced its first online contest, “Sexy and the Cyber Slam”, to launch later this month.
Barry Hollander, CFO of Techs Loanstar, stated, “We believe that acquiring this technology will enable us to execute our business plan on a world wide scale, in developing niche social networks. Vertical niche markets are growing rapidly as industry research reveals that advertisers will spend across all social networks nearly $2 billion in 2010, up from nearly $900 million in 2007. We anticipate marketers and advertisers to increasingly look to vertical niche sites to target their advertising, and consumers (niche social network members) to connect with others based on similar interests.”
Regarding the “Cyber Slam” contest and further contests, Hollander stated, “For the longer term it is anticipated that ‘Sexy and Cyber Slam’ will develop into its own vertical niche social network by the introduction of additional similar themed contests, thereby increasing its member base and its attractiveness to specific advertisers. In addition, uniquely themed contests (i.e. best musician, best comedian, weight loss) are being planned for future development. Now we also have the ability to develop unique social networks based on shared interests of a particular group, for example poker players, antique collectors or car enthusiasts, with the ability to customize each of these types of ‘social networks.'”
Let us hear your thoughts below:
