TORONTO, ON — (Marketwired) — 07/04/17 — Peeks Social Ltd. (TSX VENTURE: PEEK)(OTCQB: PKSLF) today provided additional discussion relating to the performance strategy for the Peeks product. The Peeks app was launched in November 2016. The Company has identified user sessions and user deposits as being key performance indicators (“KPIs”) for monitoring the performance of the Peeks product (see press release dated June 30, 2017). Average monthly dollars deposited per user increased over 800% between November 2016 and May 2017 (to $1.27 in May). User sessions increased almost 500% over the same period to 2 million in the month of May 2017.
The Company has identified which services, features, and processes are the most efficient in driving the performance of these metrics and will now be directing significantly greater resources to the ongoing improvement of these KPIs.
“We are very happy with our performance to date. After 17 years of running tech companies, and as a paying shareholder with several million dollars of my own money in this Company, I believe in money spent efficiently. Each service, feature, and process is measured over time for its effectiveness in driving the business’ KPIs. Once we’ve established what is most effective then we allocate greater resources to it and backburner other less performing initiatives. That’s what I’ve done for years and that’s what I’m doing here. To date we have studied what triggers user sessions and what encourages users to deposit. We are now going to allocate significant resources to drive those metrics aggressively. The ‘beta’ period is now over, and the results are encouraging. Like I’ve said recently, the time has come for us to step on the gas,” said Mark Itwaru, CEO of the Company.
The Company also announced that Mark Itwaru, CEO, acquired an additional 79,500 shares of the Company’s common stock on June 30, 2017, in open-market purchases. Details of the acquisition and Mark’s holdings can be found on SEDI at www.sedi.ca. Following this acquisition, Mark Itwaru, Chairman and Chief Executive Officer, has control and direction over an aggregate of 18,195,388 common shares (representing 29.4% of the Company’s outstanding common shares on an undiluted basis), 3,555,555 warrants to acquire common shares and 1,205,000 options to acquire common shares, representing in aggregate 34.4% of the outstanding common shares of the Company on a partially diluted basis.
The Peeks app can be downloaded in either the Apple or Google app stores, or by visiting www.peeks.com.
- For additional information on Google Analytics’ definition of “session” and the methods of calculating “sessions”, please refer to https://support.google.com/analytics .
- Average monthly dollars deposited per user is calculated by dividing the total dollar amount deposited in the Peeks service by registered users in a calendar month by the number of registered users as at the end of that month. While the “dollars deposited per registered user” is an important KPI for the Peeks product, it is not a direct indicator of the Company’s financial performance.
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. 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.
For further information, please contact:
Peeks Social Ltd.
Chairman & Chief Executive Officer
Source: Peeks Social Ltd