Peeks Social Ltd. Announces Financial Results for the Three Months Ended November 30, 2017

TORONTO, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSX-V:PEEK) (OTCQB:PKSLF) (“Peeks Social” or “the Company”) announced that the unaudited Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the third quarter ended November 30, 2017, are now available on the Company’s profile on SEDAR (www.sedar.com).

Q3 2018 represents the three months ended November 30, 2017. Select quarter-over-quarter highlights include the following:

  • Q3 2018 total revenue was $131,430 as compared to $118,145 for Q2 2018. The Peeks Social platform was launched in Q3 2017.
  • Net revenues generated by the Peeks Social platform grew to approximately $440,000 for Q3 2018 as compared to approximately $390,000 for Q2 2018, of which the Company is currently entitled to 30%.
  • Gross user spend grew to over $1.21 million on the Peeks Social platform during Q3 2018, up from $1.09 million during Q2 2018.
  • Q3 2018 user sessions on the Peeks Social platform grew to 5.8 million, up from 4.6 million in Q2 2018.
  • Q3 2018 net loss was $1,721,910 as compared to $1,769,803 for Q2 2018. Net loss for Q3 2018 includes $192,532 of stock-based compensation and $416,458 of marketing expenses focused on user growth initiatives (Q2 2018 - $290,563 and $860,610 respectively).
  • Q3 2018 net loss per share was $0.03 as compared to $0.03 for Q2 2018.

The Peeks Social platform charges a “platform fee” on transactions between users. Pursuant to a technology licensing agreement with Personas.com Corporation, the Company currently generates licensing revenue from the Peeks Social platform equal to 30% of the gross profit generated from the Peeks Social platform. The Company intends to pursue the acquisition of all underlying intellectual property and technology assets relating to the Peeks Social platform in order to acquire a 100% interest in the product (see press releases dated July 25, 2017, November 14, 2017, and December 15, 2017). Gross platform fees charged by the Peeks Social platform for the nine months ended November 30, 2017, were $1,174,960 (of which the Company is entitled to 30%). In the first thirteen months since its launch on November 1, 2016, the Peeks Social platform processed approximately $3,500,000 of transactions between users.

Certain information provided in this news release is extracted from the unaudited Financial Statements and MD&A for the third quarter ended November 30, 2017, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited Financial Statements and MD&A that an investor can properly analyze this information.

The Peeks Social app can be downloaded in either the Apple or Google app stores, or by visiting www.peeks.com.

For further information, please contact:

Peeks Social Ltd.
Mark Itwaru
Chairman & Chief Executive Officer
647-992-7727
mark@peeks.com

David Vinokurov
Director Investor Relations
416-716-9281
davidv@peeks.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

Forward-Looking statements:

The information and statements in this news release contain certain forward-looking information relating to a potential asset acquisition or similar transaction which has not yet been completed. The Company cannot guarantee that the proposed transaction will be completed or that any forward-looking statement will materialize. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. Peeks Social Ltd.'s forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, Peeks Social Ltd. undertakes no obligation to publicly update or revise any forward-looking information.

Source:Peeks Social Ltd.