Peeks Social App Generated $2.98M in Gross Revenue for Nine Months Ended September 30, 2017

03/29/2018

TORONTO, March 29, 2018 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSX-V:PEEK) (OTCQB:PKSLF) (“Peeks Social” or “the Company”) is pleased to announce the mailing to Peeks Social shareholders of record as at February 27, 2018 (“Shareholders”) of a management information circular dated March 19, 2018 (the “Circular”) and related meeting materials in connection with an annual and special meeting of Shareholders to be held on April 18, 2018 (the “Meeting”).

Included in the Circular are consolidated pro-forma financial statements for the Company and Personas.com Corporation (“Personas”), which provide insight into the true consolidated financial performance of the Peeks Social application. On a consolidated basis, the two companies reported $2,980,842 of gross revenue for the nine months ended September 30, 2017. Subsequent to September 30, 2017, the Peeks Social app set additional monthly deposit records in each month from September 2017 to January 2018, as reported in a press release dated February 2, 2018.

At the Meeting, Shareholders will be asked, among other items, to approve the amalgamation transaction with Personas (the “Transaction”), details of which can be found in the Company’s press release dated February 5, 2018, and in the Circular, which has been posted to SEDAR. The Company and its board of directors have determined that the Transaction is in the best interest of the Company and strongly recommend that Shareholders vote in favour of the Transaction.

If successful, the Transaction will result in the acquisition of the technology assets used in the Peeks Social livestreaming app (the “Technology”), along with certain other related technology assets. The successful completion of the Transaction will allow the Company to receive the full benefit of revenues generated by the Peeks Social app. The Technology is licensed by the Company from Personas pursuant to an agreement dated August 14, 2015, as amended October 18, 2016, and is the source of the Company’s current licensing revenue.

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.

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Source: Peeks Social Ltd.

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