Peeks Social Ltd. Announces Financial Results for the Year Ended February 28, 2018

06/29/2018

TORONTO, June 29, 2018 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSX-V:PEEK) (OTCQB:PKSLF) (“Peeks Social” or “the Company”) announced that the audited consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the year ended February 28, 2018 (“FY2018”), are now available on the Company’s profile on SEDAR (www.sedar.com).

The Company is pleased to report that the Peeks Social Platform generated gross revenue of $5.5 million with costs of revenue equal to $3.9 million for the 12 month period ended February 28, 2018 (unaudited).  The Company reports that it generated $488k in licensing revenue from the Peeks Social Platform, which is equal to 30% of the gross profit of $1.6 million generated by Personas.com Corporation (“Personas”) in accordance with the former license agreement with Personas. It is important to note that this is the last reporting period of the Company prior to completion of the acquisition of Personas in May 2018, see press release dated May 8, 2018.  As a result of the acquisition of Personas, the Company now receives 100% of the revenues generated by the Peeks Social Platform.

Select year-over-year highlights for the Company include the following:

  • FY2018 total revenue was $498,918 as compared to $95,921 for the year ended February 28, 2017 (“FY2017”). The Peeks Social platform was launched in Q3 2017.
  • FY2018 user sessions on the Peeks Social platform grew to 21.8 million, up from 3.3 million in FY2017.
  • FY2018 net loss was $6,803,760 as compared to $4,259,179 for FY2017. Net loss for FY2018 includes $1,109,010 of stock-based compensation and $2,809,653 of marketing expenses focused on user growth initiatives (FY2017 - $2,124,626 and $175,579 respectively).
  • FY2018 net loss per share was $0.11 as compared to $0.10 for FY2017.

Certain information provided in this news release is extracted from the audited consolidated Financial Statements and MD&A for the year ended February 28, 2018, respectively, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the audited consolidated 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   David Vinokurov
Chairman & Chief Executive Officer   Director Investor Relations
647-635-5339   416-716-9281
mark@peeks.com   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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