TORONTO, ON — (Marketwired) — 03/14/16 — Keek (TSX VENTURE: KEK) (OTCQX: KEEKF) today announced that Mark Itwaru has been named Chairman and CEO of Keek. Keek held an annual and special meeting of its shareholders on March 11, 2016, where the shareholders elected Mark Itwaru, William Lavin, Vincent McLeod, Ahmed Khan, and Fareed Amin to the Board of Directors. Itwaru was subsequently appointed as Chairman and Chief Executive Officer of Keek, replacing interim CEO Dimi Paun who remains as Chief Technology Officer.
“I am pleased to be joining Keek as Chairman and CEO at such a promising time,” said Itwaru. “We are excited to be at the forefront of the birth of social commerce. The future is bright for the mobile video market and Keek is ideally positioned to transition to a live-streaming social commerce platform.”
Keek also provided details on a proposed product launch date for a live streaming social commerce platform, developed by Personas.com Corporation. Personas.com and Keek entered into a technology licensing agreement in August 2015 (see press release dated August 14, 2015). The product will be operated as “Peeks”. Peeks, anticipated to be launched in the second quarter of this year, is described as “a live, mobile, social ecommerce platform”. Peeks uses mobile-first technology to provide content creators a platform to fully monetize their content, which is broadcast live through their phone’s camera to audiences worldwide. By simply tapping the screen of their mobile devices, viewers can tip and “like” the broadcaster in real time, buy goods and services, crowd fund projects, bid on live auctions, subscribe to programming, and more. The Company will provide further product focused announcements in the near future.
The Company provided the results of the annual and special meeting of shareholders, details of which can be found in the Company’s Management Information Circular dated February 5, 2016, available under the Company’s profile at www.sedar.com. Seven (7) resolutions were tabled at the meeting, all of which were voted in favour of, including the approval for the amendment of the Corporation’s by-laws to provide for advance notice requirements (see press release dated February 10, 2016), approval to change the name of the Company to such name as the Board may determine, the creation of Riavera Corp. (“Riavera”) as a “Control Person” within the meaning of the rules and policies of the TSX Venture Exchange, and other more routine matters.
Following the results of the shareholder meeting, the Company now anticipates a closing in relation to the previously announced private placement (see press release dated January 21, 2016) by March 18, 2016. The private placement is expected to be up to 6,000,000 units at a price of $0.25 per unit to raise gross proceeds of $1,500,000. Each unit is comprised of one common share and one common share purchase warrant of Keek. Each warrant entitles the holder to purchase one common share of the company, at a price of $0.30 per share for a period of 12 months. The common shares issued pursuant to the private placement bear a 4 month hold period. The private placement proceeds will be used by Keek for implementation of the licensing agreement with Personas.com Corporation, as well as for general corporate purposes.
In addition, as a result of the proposed completion of the private placement, the $3,000,000 principal amount of 7% secured notes due March 1, 2017, held by Riavera (the “Note”), as well as all accrued interest, will automatically convert according to its terms, into common shares of Keek at a price of $0.25 per share. Principal and interest accrued on the Note to March 18, 2016, will equal approximately $3,445,167 and would result in the issuance by Keek of approximately 13,780,666 common shares. The common shares will be subject to a four month hold period from the date of issue.
Itwaru added: “Also, on behalf of the Board and the Company, I would like to thank John Jussup and Gerry Feldman for their contributions to the Company throughout a number of transitionary periods over the past two years.” Former Chairman John Jussup and Director Gerry Feldman prominently served on the Board of Directors of Keek from March 2014 until the recent shareholder meeting. “I would also like to thank Dimi Paun for his contributions as interim CEO. Dimi has aptly managed the company through a very difficult period. His contributions are much appreciated and I look forward to working with him.”
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.
The information and statements in this news release contain certain forward-looking information relating to the implementation, timing, and roll out of the Peeks platform, including related products, services, functionalities, future news releases, and third party involvements. This news release also contains certain forward-looking statements relating to the issuance of common shares and warrants pursuant to a private placement and the conversion of secured convertible notes. 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. Keek’s forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, Keek undertakes no obligation to publicly update or revise any forward-looking information.
For further information, please contact:
Chairman & Chief Executive Officer
Source: Keek Inc.