BillMyParents (OTC:BMPI) based in San Diego, California, is a company that teaches teens the responsibility of spending and money management through the use of a prepaid reloadable Mastercard. Parents ultimately have complete control of the card, which you can deny or approve purchases. The company also has an app you can download for your smartphone as well. This will let you receive notifications about the purchases being made and the balance on the card. The card can be locked at any given time and also money can be added from a bank account, credit card, telephone or online. The only fee for the month is $3.95. Although there are other fees such as a replacement card fee, emergency load or an inactivity fee.
On November 27th, William Hernandez was appointed to the Company's President. Mr. Hernandez has served on BMPI's Advisory Board since April 2012. Mike McCoy will remain the CEO and chairman (10/2011). On November 28th, BMPI and pop star Justin Bieber teamed up to close a deal to help teens become aware of responsible spending. He will promote a teen prepaid debit card. He will not only do this through media, but he will also make a series of videos to promote this theme. This could be just what BMPI needs. Smart idea!
BMPI is currently trading at $.55. The previous close was at $.63. The company's 52 week range is from $0.21 up to $.89, which was back in August. The company has been on the decline since then, with a couple spikes along the way, but with Justin Bieber's help, this company could be explosive. The market cap is $54.15M.
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Michael R. McCoy