Founded in 1990 by Mike Lasky and located in Henderson, Nevada, the Psychic Friends Network is a telephone psychic service that takes the calls and forwards them to the psychics who are working at home.

The Psychic Friends Network had about 3,000 psychics at its height and earned about $1 billion through the 1990s. The company’s 30-minute commercials were at one point the second-highest-grossing infomercial on television after Jane Fonda’s fitness video infomercial, reported The Baltimore Sun. Then competition, poor management decisions, and conflicts with phone companies and customers about over-billing led the company to bankruptcy in 1998. Mike Lasky bought back the assets for $1.85 million in 1999 and won $4.1 million from MCI in a settlement in 2004.

In April 2012, the Psychic Friends Network announced that it has listed on the NASDAQ over-the-counter Bulletin Board (OTCBB) stock exchange. Following the reverse merger with Web Wizard, Inc., the Company will now trade under the symbol “PFNI”. Former President and CEO Ya Tang Chao has resigned as President  from the company, while the executives and board of PFN Holding Corp., have replaced the managerial positions. Now Marc Lasky, the son of Mike Lasky, is the CEO of PFN Holding Corp.

With three full-time employees, the company has been gearing up for a relaunch. About 50 psychics—all independent contractors—are listed on the website, and a few hundred more may join within the year depending on demand.

Their rate is $3.99 per minute. Compared to other top psychic networks, like PsychicSource.com, they have $1 a minute promotion which is quite nice for new customers to try it out.

In the past, the Psychic Friends Network was presented in talk show-like format and hosted by singer Dionne Warwick and psychic Linda Georgian, each installment featured a 1-900 number for viewers to call to consult a psychic at the rate of $3.99 per minute. The program also featured reenactments of callers’ stories and appearances by daytime soap opera stars.

Now the Psychic Friends Network is starring Vivica A. Fox as the new celebrity host, replacing Warwick. The Psychic Friends Network has signed Walter Mercado to do a series of talk shows in both English and Spanish.