Grandparents.com (OTC BB:NWTH)

NEW YORK, Feb. 24, 2012 (GLOBE NEWSWIRE) -- Grandparents.com, Inc., formerly known as Norwestech, Inc. (OTCBB:NWTH), announced today that it had acquired the Grandparents.com domain, trademark, and related assets from Grandparents.com LLC, and that the Company had changed its name to Grandparents.com, Inc. and moved its corporate headquarters to New York City, effective as of February 23, 2012. Until FINRA issues a new trading symbol, the Company's shares will trade under the existing symbol of NWTH. John Thomas Financial, Inc. represented the Company as investment banker on the $5 million transaction, with $2 million in cash at Norwestech and a $3 million private placement that closed simultaneously with the closing of the acquisition. A description of the Company's new executive officers is included below.

Steve Leber, Chairman and Co-CEO of the Company, said, "There is no larger or wealthier demographic group in the United States than grandparents. Our strategy represents a unique opportunity to enhance shareholder value as Grandparents.com strives to become the premier social media platform for 70 million American grandparents and 50 million boomers and seniors." Grandparents control approximately half of our nation's wealth and, along with boomers and seniors, approximately 75%. According to a July 2011 MetLife Report on America's Grandparents, the number of grandparents is increasing at more than double the rate of the overall population. The MetLife Report concludes that, by 2020, one in three adults will be a grandparent and that grandparents are the most powerful drivers of the U.S. economy -- they purchased $2 trillion worth of goods and services in 2010.

Joseph Bernstein, Co-CEO added, "These are powerful numbers that support our business plan as a social media platform. We also have a business model that parallels AARP Services, Inc., the AARP affiliate which serves 40 million AARP® members with discounts on insurance, financial, travel, health and other products and services. AARP Services, Inc. provides the proof of concept for our potential to grow within the age 50+ demographic sectors. AARP® generates over $10 billion a year for its exclusive marketing partners and we intend to develop superior offerings for the same audience with our own marketing partners and plan to grow to at least 20 million members by the end of the decade." (AARP® is a registered trademark of AARP, Inc., which is not affiliated with Grandparents.com.)