HOUSTON, Feb. 4, 2010 (GLOBE NEWSWIRE) -- So Act Network, Inc. (OTCBB:SOAN), which is endorsed by William Shatner as "a ray of hope amidst all the gloom," and by Ed Asner as "the best place to make a difference," announced today that it has reached an agreement with Cutter & Company to help expand its insurance business onto So Act's innovative social networking platform creating the first Insurance Social Network.
"Many of the important decisions consumers make in their lifetimes involve insurance products. Many of these products have become increasingly complex and there is a much wider range of product options offered by different providers making decisions even more complicated," said William Meyer, Cutter & Company President. "On So Act, the platform is more personalized, allowing us the opportunity to be more hands on with a wider audience of conscious consumers seeking greater understanding and the ability to make more well-informed choices."
Under the agreement, which is for 5 years with a one year exclusive, So Act will help integrate Cutter's business presence on its network and in exchange will receive finder's fees in four categories. For each new customer Cutter receives on So Act who buys -
A Permanent Insurance product, So Act will receive a finder's fee of One Thousand Dollars ($1,000.)
A Term Insurance product, So Act will receive a finder's fee of One Hundred Dollars ($100.)
A Group Insurance product for at least 20 employees, So Act will receive a finder's fee of Five Hundred Dollars ($500.)
A Group Insurance product for fewer than 20 employees, So Act will receive a finder's fee of Two Hundred Dollars ($200.)
William Meyer, Cutter & Company's President, is currently licensed to sell insurance products in AR, AZ, CA, CO, FL, GA, IL, IN, KS, ME, MD, MA, MI, MS, MN, MO, NE, NY, NC, OK, PA, SC, TX, UT, VT, VA, WI. Mr. Meyer may choose to add additional states to offer insurance at his option on an as needed basis.
"Here is a unique opportunity to leverage our technology to improve Cutter's online presence and new interest in its insurance products," according to Greg Halpern, So Act President. "Of all the insurance companies out there that we are aware of, Cutter is more people friendly and offers real value to people who need sophisticated help. As Cutter's online presence grows in our network, we believe this relationship will prove financially valuable to So Act and its members."
About Cutter & Company
Located in Ballwin, Missouri, Cutter & Company provides a complete line of life and health insurance products. Our goal is to help individuals prepare for their insurance needs and help develop strategies to meet future goals. We strive to provide assistance to small and large businesses in the areas of employee benefits; including group life and health insurance, 401(k) and other qualified plan analysis, deferred compensation programs and other sophisticated executive benefits.
Cutter & Company is privately held. The company has been serving the needs of individuals and corporations since 1988. Management has over 70 years combined experience. Our experienced staff and investment representatives have significant industry background, with significant industry experience in the insurance industry. Cutter & Company is registered to do investment business in over 45 states. Member: SIPC, MSRB, FINRA.
About So Act® Network, Inc.
Endorsed by William Shatner as "a ray of hope amidst all the gloom," and by Ed Asner as "the best place to make a difference," So Act is also recognized by many other progressive, socially conscious celebrities and experts young and old as the place to pursue and create social change to improve our world. http://www.soact.net/celebrities_experts.html Social Media author Jon Hansen calls So Act "The 60 minutes of Social Networks, where you engage, mobilize and empower people into action." Whatever the mission, cause, product, service, program, cure, or solution, So Act can help you expand your sphere of influence and crystallize forward thinking into positive action on a larger scale, while harmoniously merging economic and socially conscious goals.
So Act's innovative technologies provide a global social network where its members are able to build Communities of Purpose, and accomplish and promote all of their important goals without being subjected to spam or ads, and without having personal information used by marketers. So Act's cutting edge communication platform improves on the social networking theme by providing businesses and individuals with project building tools, alerting, and secured network file sharing and previewing, all in a personalized, private, format that crosses global boundaries to connect like-minded individuals, while allowing an unlimited number of members to simultaneously participate in small, or large, online meetings. So Act includes a "top 10" filtered results ad-free web search engine, and its press club allows members to share their important news with their followers and the media. While membership is free, several features to increase network size and capability for those with greater needs will be available for $1, $2 and $5 monthly fees as member use expands. So Act provides partnership and profit-sharing opportunities for individuals and companies seeking to gain a meaningful foothold in the Social Networking space and increase business and customers. Join free and get more information at www.SoAct.Net.
The So Act Network, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6954
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties. These statements may include statements regarding stock-based compensation charges and our plans to invest in our core business and make significant capital expenditures. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, unforeseen changes in our hiring patterns and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our Annual Report on Form 10-K for the year ended December 31, 2008, which is on file with the SEC and is available on our investor relations website at SoAct.Net and on the SEC website at www.sec.gov&index=2&md5=30c4f98d8a5d98619fe4ce392ec4a0ca" target="_blank">www.sec.gov. Additional information is also set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, which is also on file with the SEC. All information provided in this release is as of February 2, 2010 and So Act Network undertakes no duty to update this information. So Act is a registered trademark of So Act Network, Inc.
So Act is a registered trademark of So Act Network, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.