Attached files
| file | filename |
|---|---|
| 8-K - Kiwibox.Com, Inc. | v170331_8k.htm |
| EX-10.40 - Kiwibox.Com, Inc. | v170331_ex10-40.htm |
Exhibit
99.1
Magnitude
Merges its Subsidiaries and Changes its Name to “Kiwbox.Com, Inc.”
NEW YORK,
December 31, 2009 /PRNewswire-FirstCall/ — Magnitude Information Systems, Inc.
(Magnitude) (OTC Bulletin Board: MAGY) announced
today that it has merged with its two subsidiaries, Kiwibox Media,
Inc. and Magnitude, Inc. and changed its corporate name to “Kiwibox.Com, Inc.”
The merger and corporate name change become effective on December 31,
2009.
“The
mergers”, observed Rudolf Hauke, Magnitude’s President and CEO, “consolidate our
corporate operations and eliminate the costs associated with maintaining
separate corporate entities”. “With the adoption of the Kiwibox.Com corporate
name”, Mr. Hauke added, “our Kiwibox.com website community and its corporate
owner are now identifiable as one and the same.”
About
Kiwibox Founded in 1999, Kiwibox.com has been a leader in the teen space and
provided its members with fully customizable profiles, daily news and articles,
interactive games for real world prizes, a streaming music video library and a
mobile version of the site, among other features. Kiwibox is the primary
business unit of Magnitude Information Systems, Inc. (http://Magnitude.com) (OTC
Bulletin Board: MAGY). For more information, please visit
http://Kiwibox.com.
This
press release contains certain statements relating to future results, which are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual results to
differ materially from either historical or anticipated results, depending on a
variety of factors. Potential factors that could impact results include the
general economic conditions in different countries around the world,
fluctuations in global equity and fixed income markets,
exchange rates, rating agency actions, resolution of pending
regulatory investigations and related issues, including those
related to compensation arrangements with underwriters, pension
funding, ultimate paid claims may be different from actuarial estimates and
actuarial estimates may change over time, changes in technology and internet
developments, commercial property and casualty markets and commercial
premium rates, the competitive environment, the actual costs
of resolution of contingent liabilities and other loss contingencies,
and the heightened level of potential errors and omissions liability
arising from placements of complex policies and sophisticated reinsurance
arrangements in an insurance market in which insurer reserves are
under pressure. Further information, concerning the Company and its business,
including factors that potentially could materially affect the Company's
financial results, is contained in the Company's filings with the Securities and
Exchange Commission.
CONTACT: Michael Zaroff
at 561-826-7401.