Grandparents.com Goes Public
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Norwes Tech (OTCBB:NWTH)
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Today : Friday 24 February 2012
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Grandparents.com, Inc., formerly known as Norwestech, Inc. (OTCBB: NWTH), announced today that it had acquired the Grandparents.com domain, trademark, and related assets from Grandparents.com LLC, and that the Company had changed its name to Grandparents.com, Inc. and moved its corporate headquarters to New York City, effective as of February 23, 2012. Until FINRA issues a new trading symbol, the Company's shares will trade under the existing symbol of NWTH. John Thomas Financial, Inc. represented the Company as investment banker on the $5 million transaction, with $2 million in cash at Norwestech and a $3 million private placement that closed simultaneously with the closing of the acquisition. A description of the Company's new executive officers is included below.
Steve Leber, Chairman and Co-CEO of the Company, said, "There is no larger or wealthier demographic group in the United States than grandparents. Our strategy represents a unique opportunity to enhance shareholder value as Grandparents.com strives to become the premier social media platform for 70 million American grandparents and 50 million boomers and seniors." Grandparents control approximately half of our nation's wealth and, along with boomers and seniors, approximately 75%. According to a July 2011 MetLife Report on America's Grandparents, the number of grandparents is increasing at more than double the rate of the overall population. The MetLife Report concludes that, by 2020, one in three adults will be a grandparent and that grandparents are the most powerful drivers of the U.S. economy -- they purchased $2 trillion worth of goods and services in 2010.
Joseph Bernstein, Co-CEO added, "These are powerful numbers that support our business plan as a social media platform. We also have a business model that parallels AARP Services, Inc., the AARP affiliate which serves 40 million AARP® members with discounts on insurance, financial, travel, health and other products and services. AARP Services, Inc. provides the proof of concept for our potential to grow within the age 50+ demographic sectors. AARP® generates over $10 billion a year for its exclusive marketing partners and we intend to develop superior offerings for the same audience with our own marketing partners and plan to grow to at least 20 million members by the end of the decade." (AARP® is a registered trademark of AARP, Inc., which is not affiliated with Grandparents.com.)
About Grandparents.com
Grandparents.com is the premier social media website for the 21st century generation of active, involved grandparents. The website offers enriching activities, discussion groups, expert advice, ten monthly newsletters, and a Benefits Club with discounts on thousands of goods and services. In 2011, Grandparents.com added over 200 marketing partners to its Benefits Club and launched the Grandparents.com Bookstore, which is operated in association with Baker-Taylor, Inc., one of the world's largest distributors of print and digital books. The Company's new website will be launched on Grandparents Day, September 9, 2012.
Key Executive Officers
As Chairman and Co-CEO, Steve Leber brings his extensive experience in creating superstars and renowned entertainment productions, and plans to add celebrities and entertainment to the new website. Mr. Leber headed up the music division of the William Morris Agency at the age 21, and later created one of the world's most prestigious rock management companies, Leber-Krebs. He is recognized as one of the most innovative forces in the entertainment industry for his work with legendary acts, including the Rolling Stones, the Beach Boys, Bill Cosby, Diana Ross and the Jackson 5. Leber-Krebs' bands, including Aerosmith and AC/DC, rose to astronomical levels of success under his management. Mr. Leber also managed Michael Bolton, Cameo, Def Leppard, Joan Jett, Ted Nugent, Parliament Funkadelic, The Scorpions, Dionne Warwick, and recently has consulted acts including Scott Stapp and the international sensation Il Volo. At George Harrison's request, he became the producer of the Concert for Bangladesh, the first benefit concert of its kind. He also conceived and produced Beatlemania and was responsible for the precedent-setting arena tour of Andrew Lloyd Weber's Jesus Christ Superstar. Other Leber productions include The Texxas World Music Festival ("Texxas Jam"), the stage production of the Teenage Mutant Ninja Turtles, "Coming Out of Their Shells", and the North American tour of the world-renowned Moscow Circus. In addition, for eight years he produced Pro-Skate Live from Madison Square Garden for ABC's Wide World of Sports.
Joseph Bernstein is a director, Co-CEO, CFO and Treasurer. Mr. Bernstein has initiated over $1 billion in development projects and acquisitions in New York City, including the 50-story Americas Tower block front office building at 1177 Avenue of the Americas, The Crown Building at 730 Fifth Avenue, and the 70-story office tower at 40 Wall St. Mr. Bernstein has previously been involved in developing the Monticello Raceway Casino in the Catskills and two of the largest tourism projects in Israel, a 600- acre golf resort and a 100-acre entertainment city. He previously served as CEO of Empire Resorts, Inc., a public company.
Jeffrey Mahl, President and Chief Operating Officer, has been in the Internet sales business for over two decades. He was Senior Vice President at ESPN, Inc., where he was responsible for building $200 million in sales revenue to over $1 billion in just a few years and led advertising sales, media sales, media research, event marketing and promotion for ESPN, ESPN2, ESPN Classic, ESPNews, E.R.T., and ESPN Internet Ventures (ESPN.com, NASCAR.COM, NFL.COM, NBA.COM). Mr. Mahl has also held positions as Senior Vice President of Online and Mobile Advertising at National Cinemedia and President of Media Directions, L.L.C. He also served as Executive Vice President, Ad Sales, with Mail.com Media Corporation and held senior management positions at AskJeeves, Gemstar-TV Guide, and OCC Sports.
Forward-Looking Statements
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future operating results and financial condition. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release, if any, speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
CONTACT: Matthew C. Schwartz
V.P. Administration
Grandparents.com, Inc.
Email: mschwartz@grandparents.com
Tel: 646-839-8809
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