PHILADELPHIA--(BUSINESS WIRE)--Moggle, Inc. (OTCBB: MMOG - News) ("Moggle" or the "Company"), an innovative technology company that delivers a security platform for children under the age of 18 in the global online market, today announced the release of its Virtual Piggy™ technology that allows children to transact with online merchants, games and social networks in a safe environment under parent supervision.
Moggle’s Virtual Piggy provides an online payment profile that allows parents to setup, monitor and control their children’s spending online. Parents and guardians can determine how much the child can spend in a single transaction, or over time and also control the merchants with which the child can transact. Parents also have the ability to setup approval rules and notification methods. Virtual Piggy tracks all spending and parents can receive alerts and reports on patterns for when and where funds are spent. Virtual Piggy was developed in response to the growing need for parents to allow their children to transact online in a controlled manner as a result of an increasing number of online services and products targeted towards children.
Virtual Piggy has been certified by the Chase Paymentech™ system and can process transactions from all major credit and debit card systems, including MasterCard, Visa, and American Express. Chase Paymentech is a subsidiary of JPMorgan Chase, and a global leader in payment processing and merchant acquiring. Virtual Piggy™ is hosted on the Microsoft Azure platform, which provides security, robustness and reliability. Moggle plans to extend Virtual Piggy's payment processing ability to other payment processors.
“Moggle is at the forefront of developing platform architectures that create a safer environment for children online” stated Dr. Jo Webber, Chairman of Moggle, Inc. “In 2009, an estimated $26 billion was spent by children on online purchases, a figure that is expected to grow. Many of these purchases were incurred without adult supervision and lead to accidental buying sprees for virtual games and goods using parents’ credit cards. With the launch of Virtual Piggy we have developed an easy to use, seamless system that allows parents to monitor and guide their children’s spending and make their online experience safe and enjoyable.”
For more information about Moggle’s Virtual Piggy and technology platforms, please visit the Company’s website at http://virtualpiggy.com.
About Moggle, Inc.
Moggle, Inc. delivers a technology platform designed for the management of the Under 18 age group in the global online market. The Moggle technology enables online businesses to function in a manner consistent with the Children’s Online Privacy Protection Act (“COPPA”) and similar international children’s privacy laws. Moggle technology enables the Under 18 audience to play, transact and socialize in a secure online environment guided by parental permission, oversight and control. Moggle’s first two patent-pending products are Virtual Piggy and Parent Match™. For more information about Moggle, please visit the Company’s website at: http://virtualpiggy.com
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All statements in this news release other than statements of historical facts are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. These statements are based upon our current expectations and speak only as of the date hereof. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial position to differ materially and adversely from those expressed in such forward-looking statements. Such factors include, but are not limited to, our ability to raise additional capital, the absence of any operating history or revenue, our ability to attract and retain qualified personnel, our dependence on third party developers who we can not control, our ability to develop and introduce a new service to the market, market acceptance of our services, our limited experience in a relatively new industry, the recent economic slowdown affecting technology companies, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property, general economic conditions, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2009 and other filings with the SEC. We undertake no obligation to revise or update any forward-looking statements for any reason.