Anyone know anything about Fresh.ink? It is a new site that is running a NO-FEE contest for fiction (short stories, novellas, novels) with substantial cash prizes. The contest is apparently designed to build a stable of beta readers for a future platform of targeted feedback for writers of fiction.

Everything on the website seems above board and legit, but something is nagging at me. It seems too good to be true: No fee. Cash prizes. Guaranteed readers. Detailed feedback. Your retain all rights. You have to sign up for the contest/service, which I haven't done, so maybe the devil is in the details, and they even speak of how their whole point now is to build the base for a future service.

Anyone involved in this, as a contestant or in their stable of beta readers?