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The Psychic Friends Network Cannot Predict Its Future
Some corporate disclosures are so delightful it's best to just let them speak for themselves.
This week a Henderson, Nevada-based company called Psychic Friends Network Inc. released a copy of its latest investor presentation as part of a filing with the Securities and Exchange Commission. You might recognize the name. Psychic Friends Network, which used to advertise heavily using television infomercials starring singer Dionne Warwick, went bust in 1998 when its parent company at the time filed for bankruptcy. Now it's back.
It's publicly traded on the over-the-counter bulletin board, although it had no revenue for the fiscal year ended Sept. 30. Psychic Friends is promising to "leverage an iconic brand name using new technologies and social media to re-establish PFN as the industry leader for daily horoscopes and psychic advice." And the company is forecasting $64 million of net income for fiscal 2015.
Then again, the first page of the presentation includes some important cautionary language. "Undue reliance should not be placed on the forward-looking statements," it says, "because PFN can give no assurance that they will prove to be correct."
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