NEW YORK, March 21, 2013 /PRNewswire/ -- Grandparents.com, Inc. (OTCBB: GPCM) announced today that the Company is continuing its efforts to focus on developing revenue generating activities led by an insurance division that will offer health, auto, home, life and other insurance products to its nearly 2,000,000 members under relationships with insurance companies to be established for the Company under the personal direction of Maurice "Hank" Greenberg and his executive team at Starr International Group ("Starr"), with whom the Company entered into a Strategic Alliance Agreement effective March 1, 2013.
In the past year, the Company has accomplished many of its goals and even surpassed a few. As we look back over 2012, we are proud of what we have been able to achieve:
- On Grandparents Day, September 9, 2012, we launched our newly designed website. Our membership increased from approximately 350,000 members to nearly double our projection for 2012 of 1,000,000 members. By year-end, we had nearly 2,000,000 members.
- We experienced significant achievements in our social media endeavors as Track Social included Grandparents.com on the list of the Top 10 Most Shared Brands on Facebook. We also have one of the top "Engagement Ratios."
- On the insurance front, we signed a marketing agreement with Humana and the strategic alliance agreement with Starr.
- We added Larry King and Deepak Chopra as our spokespersons.
- We executed a Letter of Intent and continued development of the "Grand Card" with the OPUS Health Division of Cegedim S.A.
- We added Grandparents.com Travel in partnership with Priceline.com, which we are syndicating to other websites.
- We added content relationships with Amazon, Techlicious and Huffington Post.
Like most early stage developing companies, we continue to face substantial financial challenges. Although our membership ranks have increased dramatically, our advertising revenue has significantly declined compared to the previous year. The significant decline is due in part to challenges facing the digital advertising industry in general, with oversaturation and pricing pressures for placement of advertising on the Internet. Although we have not been able to generate significant revenue from these endeavors to date, we expect our efforts will begin to come to fruition in 2013 and beyond. While we have made a strong effort to reduce our overhead, we continue to seek capital to fund ongoing operations. Since the beginning of the 4 th quarter of 2012, we raised $950,000 under a secured bridge loan and an additional $600,000 on an unsecured basis, primarily from members of our Board of Directors and an advisor to the Company. Going forward, we will need to raise significant capital in order to successfully implement our business plans.
We appreciate your continuing faith in our management team and will continue to strive to turn our accomplishments into a healthy on-going and sustainable business.