Exhibit 99.1
Kiwibox.Com, Inc. Receives Equity Financing
NEW YORK, December 31, 2009 /PRNewswire-FirstCall/ — Magnitude Information Systems, Inc. (Magnitude) (OTC Bulletin Board: MAGY) announced today the receipt of $875,000 investment proceeds out of $1 million of signed subscriptions from accredited investors. The investors, Swiss and U.S. residents, most of whom are shareholders of the Company already, underscored their commitment to the potential of the Kiwibox website offerings and technology.
Andre Scholz, the CTO of Magnitude, remarked “we are very excited about our Kiwibox website prospects for the coming year and recognize the endorsement of our management team made through this investment”.
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. For advertisers and marketers. Currently, Kiwibox is exploring various new technologies to incorporate in its website. 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.
