Peeks Social Announces Financial Results for the Second Quarter Ended August 31, 2018

10/31/2018

TORONTO, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV: PEEK; OTCQB: PKSLF) (“Peeks Social” or the “Company”) announced that the unaudited condensed consolidated interim financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the three and six months ended August 31, 2018 (“Q2 2019”), are now available on the Company’s profile on SEDAR (www.sedar.com). The three months ended August 31, 2018, represent the second quarter of the Company’s 2019 fiscal year.

It is important to note that this is the second reporting period of the Company following the completion of the acquisition of Personas.com Corporation (“Personas”) in May 2018 (see press release dated May 8, 2018). As the acquisition of Personas constituted a reverse acquisition, the Financial Statements are a continuation of the financial statements of Personas, and the comparative results are those of Personas, prior to the acquisition. Due to a change in the year end of Personas, the comparative results represent the three (“Q2 2018”) and eight months ended August 31, 2017, which should be taken into account when reviewing comparative numbers.

Select quarterly highlights include the following:

  • The Peeks Social platform generated gross revenue of $2.1 million during Q2 2019, up from $1.3 million during Q2 2018;
  • GAAP net loss increased to $1.6 million in Q2 2019 from $1.4 million in Q2 2018;
  • GAAP net loss per share was $0.007 for Q2 2019 as compared to $0.012 for Q2 2018; and
  • User sessions were 6.50 million for the three months ended August 31, 2018, as compared to 4.63 million for the three months ended August 31, 2017 (and as compared to 6.20 million for the three months ended May 31, 2018).

Certain information provided in this news release is extracted from the unaudited condensed consolidated interim Financial Statements and MD&A of the Company for the three and six months ended August 31, 2018, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited condensed consolidated interim 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.social.

For further information, please contact:

Peeks Social Ltd.
Mark Itwaru
Chairman & Chief Executive Officer
416-639-5339
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. 

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Source: Peeks Social Ltd.

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