If you read the privacy statement yes. Once you click ok you give them the right to go into your contacts and everything else. It's all their in the privacy statement. BTW if you read the privacy statement for the apps you put on your phone they even have more access.
I read the privacy statements for my apps on my phone and it clearly states they can go into your contacts and not only read them but delete them, have complete access to everything on your phone etc. Thereby jeopardizing all your friends in the process. :(