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Kiwibox Finalizes Acquisition of KWICK!
[May 23, 2012]

Kiwibox Finalizes Acquisition of KWICK!

May 23, 2012 (Close-Up Media via COMTEX) --, a New York City based social network, announced that on May 18, it made the last payment of 1,600,000 Euros to the principals from whom it purchased KWICK!, the German social network community, paying a total purchase price of 6,400,000 Euros (approximately, $8,300,000 U.S.).

According to a release, this payment completes all of the conditions of the purchase and provides Kiwibox with absolute title to these valuable European assets, including the KWICK! Sensphere ASP platform and a trove of intellectual property assets.

Considering the KWICK! community's current 10,000,000 plus registered members and 1,000,000 active users, cited Andre Scholz, CEO of Kiwibox, "we anticipate a surge in memberships and unique visitors, especially on the tide of the Facebook public offering. KWICK! 's social network community," stated Scholz, "self-perpetuates its popularity among its membership with their constant sharing of ideas, events and friendships via cell phone, image pads and laptops. We see no barriers to expansion of the KWICK! social network throughout Germany's regional communities." "We now have complete ownership of our European footprint and we expect to continue to acquire select and complementary social communities to integrate into our Kiwibox platform," concluded Andre Scholz. was initially founded to give teenagers a voice on the internet.

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