Personas Social Incorporated (TSX.V: PRSN) (the “Company” or “Personas”) is pleased to provide a corporate update on quarters 1 to 3 sales for 2021 as compared to quarters 1 to 3 2020 on Peeks Platform which is one of the key revenue driving platforms that Personas offers in the social media and communications markets.
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(Graphic: Business Wire)
The company is proud to announce that its gross sales for the period starting January 1st 2021 and ending of September 30th 2021 was $2,240,965 USD compared to $1,856,595 USD for the same period in 2020. 2021 sales for the first 3 quarters represents a 21% increase over the same period for 2020. Net Income grew 13% for the same period.
The Company has been able to maintain growth while simultaneously cutting costs. The Company had invested significant amounts of software development and IT cycles towards replacing third party software and services with inhouse solutions. This has allowed the Company to replace costly third-party services with internally developed software and IT hosting infrastructure. The resulting cost savings will be approximately $400,000 per year. Additional operational efficiencies have been implemented that are expected to reduce expenses an additional $360,000 a year starting in January 2020.
The Company has made a strategic decision to only focus its efforts and resources on its Peeks Social and Mii.TV services. The Company will be integrating its WASDPro e-gaming technologies and its Personas video conferencing services into both the Peeks Social and Mii.TV platforms.
Of note, the Company recently changed its fiscal year-end from February 28 to December 31. Accordingly, the information presented herein relate to a comparison of the corresponding calendar periods in 2020 and prior vs. the Company’s fiscal periods for 2020 and so the figures presented will not be identical to the Company’s historical financial statements that have been filed on www.sedar.com.
Disclaimer Regarding Operational Metrics Presented
The numbers and amounts reported herein are unaudited historical operational metrics. The operational metrics disclosed are generated from internal reports and are not intended to comply with International Financial Reporting Standards (“IFRS”). The disclosure in this press release is intended to provide insight into the Company’s sales trends. The internal operational metrics disclosed herein are used by management as a tool to assess the Company’s overall sales performance and should not be deemed to be financial disclosure or otherwise construed to replace or negate the Company’s audited financials.
For the purposes of this press release, the Canadian dollar amounts were calculated at the annual average exchange rate for the year 2020 which is used herein as $1.34 CAD to $1.00 US dollar. ‘Gross Sales’ means the total sales processed by the company in a given period, ‘Net Sales’ means the Gross Sales minus payment processing fees, and ‘Net Income’ means the net fees earned by the Company for the use of its platform by streamers and viewers. The actual audited Gross Sales, Net Sales and Net Income numbers will vary from the numbers reported herein due to, but not limited to, fluctuations in foreign exchange at the time of transactions and at the time of settlement of funds to the Company and variations in payment processing fees.
January 1st to September 30th Sales USD
Forward Looking Statements
This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect”, “plan”, “intend”, “anticipates”, “projects”, “potential” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements are statements that are not historical facts. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
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.