NEW YORK, Jan. 27, 2012 /PRNewswire/ -- OSL Holdings Inc. (OTCBB: OSLH) announced today that the company has formed OSL Rewards Corporation, as a wholly-owned subsidiary, to further its corporate strategy to weave added value and benefits into each of its businesses while at the same time creating a unique offering to both business and consumer audiences as a standalone company. OSL Rewards Corporation will bring a "reward currency" to the marketplace that will allow business and customers to use a virtual currency that shoppers can then redeem when shopping in retail stores, online, on their mobile devices and through other electronic platforms.
Planned for a launch early this year, the intent of the OSL Rewards Corporation is to design, develop and operate a loyalty program that is based on a virtual "reward currency." OSL Rewards Corporation's strategy is to combine a loyalty program, technology platform and marketplace. The benefits of this strategy will be enabling millions of members of the loyalty program to earn "reward currency" regardless of the payment method they use when making a purchase (i.e. Visa, Amex, MasterCard, or cash) and to redeem the "reward currency" in retail stores, when shopping online or from their mobile phone to gain discounts on purchases. The loyalty program will offer retail merchants and online ecommerce site operators with a package of products and services for better business efficiency, boosting sales and profitability.
Commenting on this update, Eli Feder, CEO of OSLH, stated, "Our loyalty program will add a new dimension, offering the element of instant gratification for transactions both online and at brick and mortar location."About OSL Rewards Corporation We provide businesses with the ability to drive more business by issuing and/or redeeming the Reward Currency to/from customers when shopping at the retail store, on their mobile phone or online. An initial focus has been on finalizing the development of our rewards technology platform by the end of the first quarter of calendar 2012 that will initially leverage current and developing business relationships within the diversity and affinity marketplaces that have substantial membership bases.