Amazon’s Unexplained shutdown of funding for Apps LGBT group

Boston, MA 02/22/2013 (wallstreetpr) – GetGayFunded.com, the LGBT community’s crowdfunding website suddenly found itself being left out in the cold by Amazon Payments who provides the processing service via which the crowdfunding site collects and disburses funds for projects that are of relevance to the LGBT community as well as its allies. Apps Genius Corp (PINK: APGS) CEO Adam Kotkin stated that Amazon took this step without any intimation or information and that he received very contradictory, untrue and confusing responses from Amazon.

False moves

They first stated that the application had been rejected which was a falsity as the site has been operational since Dec 2012, after which they said that the GetGay 501c3 claim was the reason for rejection, which they backtracked on as documentation proved otherwise. Later they said that they were currently not accepting any crowdfunding projects which again was untrue as Kotkin’s GetFunded site (which deals with animal welfare) on Amazon was up and running. Kotkin is now on the lookout for a new fund processing partner and is concerned about their nearly $7000 that Amazon is unwilling to release.

Dual-faced approach

This came to light when the Charleston Blockade Gay Rugby Team was unable to withdraw the $2000 collection for their team uniforms. Jeff Bezos, the founder and chief executive of Amazon had showed his support to the LGBT community with his $2.5 million donation towards the same-sex marriage campaign in Washington last year and Kotkin felt that the rest of the organization should have been equally supportive. Apart from supporting crowdfunding sites, Apps Genius Corp (PINK: APGS) is involved in the development, marketing, publishing and distribution of software applications and social games for platforms such as mobile and wireless devices and social networks.

Shares of Apps Genius Corp (PINK: APGS) stayed steady at $ 0.0051

Shares of Amazon.com, Inc (NASDAQ:AMZN) went down by 0.18% to close at $265.94

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Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.

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