SNAP Interactive, Inc. (STVI) Announces Signing of Lease to Move to New Offices

Yesterday, SNAP Interactive, Inc. announced that they signed a lease to move to new, larger offices on or around August 1, 2011. They made this move to accommodate their rapid growth, including particularly the expansion of the Company’s mobile development team.

SNAP’s new office space is approximately 8,500 square feet, almost three times larger than the Company’s current space. The new office space occupies an entire floor of a Midtown Manhattan building. Their modern-looking offices will feature an open floor plan; the offices can comfortably house 50 to 60 employees.

Mr. Cliff Lerner, SNAP Interactive, Inc. Chief Executive Officer, noted, “This move represents an exciting development for SNAP. We have grown our team from 16 to 25 employees in the few months since late 2010 and are pleased that the new space can accommodate more than double our current headcount enabling us to continue hiring talent to fill key positions within the organization. While remaining cost-conscious, we are designing the space to look sharp and have a great feel in order to create a showcase to help attract future hires.”

Mr. Lerner continued, “We have already begun putting the capital to work that we raised in January in order to accelerate our business plan. We have particularly focused on the mobile arena and to that end we have already expanded our mobile development team from one to six. Mobile is a key focus for SNAP in 2011 and beyond and we know that in order to meet our objectives of being a market leader in mobile as well as in the social space it’s necessary for us to hire the best and brightest talent that we can find. We intend to continue adding talented mobile developers as well as make key hires in other areas to build a team that can support the current products while positioning us for further growth going forward.”

Headquartered in New York, New York, SNAP Interactive, Inc. develops, owns and operates online dating and social networking applications accessible to users on various social networking websites and platforms, including Facebook® and iPhone® users. The Company also has an online dating website and a location-based social networking application and website.

For more information visit: www.snap-interactive.com

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