REDLANDS, Calif.--(BUSINESS WIRE)--In the release dated May 24th, 2011, please note removal of the original third graph.
The corrected release reads:
KENSINGTON LEASING COMPLETES ACQUISITION OF SOCIAL MEDIA SITE, WIKIFAMILIES S.A.
Kensington Leasing, Ltd. (OTCQB:KNSL) today announced that it completed its acquisition of Wikifamilies S.A. on May 20, 2011. Under the terms of the acquisition agreement, Kensington Leasing acquired all of the outstanding securities of Wikifamilies in exchange for 31,500,000 shares of common stock of Kensington Leasing. This represents approximately 68% of Kensington Leasing’s outstanding common stock at the closing.
Wikifamilies SA is a development stage Swiss company formed to design, develop and operate an Internet-based social media website, Wikifamilies.com, with a unique emphasis on families and new technologies. This web-based platform is intended to enhance the ability of families to communicate and share family history and events while providing a secure location to transact family-related business matters. Wikifamilies intends to launch the website late in the second or early in the third calendar quarter of 2011.
“We are pleased to have completed our acquisition of Wikifamilies after recent developments in the markets have proven the incredible value being placed on social media,” said Angelique de Maison, Chairman of the Board of Kensington Leasing. “The LinkedIn IPO last week valuing that company at $9 billion shows there is substantial demand for social media from internet users and investors alike,” she added.
Nielsen published statistics in a blog dated June 15, 2010 showing that “three of the world’s most popular brands online are social-media related (Facebook, YouTube and Wikipedia) and the world now spends over 110 billion minutes on social networks and blog sites. This equates to 22 percent of all time online or one in every four and half minutes. For the first time ever, social network or blog sites are visited by three quarters of global consumers who go online, after the numbers of people visiting these sites increased by 24% over last year. The average visitor spends 66% more time on these sites than a year ago, almost 6 hours in April 2010 versus 3 hours, 31 minutes last year.”
Monetizing social networking is a key goal for online social network brand owners, advertisers, content providers, apps developers, hardware and software providers, as well as the social networking platforms themselves and their user communities. The next year will be a key near term strategic window in establishing incumbency in the social networking market, and the market is racing towards maturity. Wikifamilies has designed its site to have multiple potential revenue streams and a rich user experience to offer users both entertainment and functionality while being affordable and providing real value.
FORWARD LOOKING STATEMENT: This press release contains forward-looking statements, including statements about the business plan of Kensington Leasing following the acquisition of Wikifamilies. The forward-looking statements are subject to risks and uncertainties, including whether Kensington Leasing can successfully execute the new business plan and launch the Wikifamilies.com website, whether the Wikifamilies.com website will gain market acceptance, whether Wikifamilies can generate revenues from the website and operate profitably, and general market conditions. Actual results may differ materially from those contained in the forward-looking statements. Readers should not place undue reliance on the forward-looking statements. Neither Kensington Leasing nor Wikifamilies undertakes any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.