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Peeks Social Ltd. Announces Financial Results for the Three Months Ended May 31, 2017

Peeks Social Ltd. licensing revenue derived from the new Peeks Social platform by month to May 2017. The platform was launched in November 2016.Click here for high-resolution version

/EINPresswire.com/ -- TORONTO, ON--(Marketwired - July 31, 2017) - Peeks Social Ltd. (TSX VENTURE: PEEK) (OTCQB: PKSLF) ("Peeks" or "the Company") is pleased to announced that it has reported licensing revenue derived from the Peeks Social platform of $102,914 for the three months ended May 31, 2017. Early stage licensing revenues generated from the Peeks Social platform have increased to $102,914 in Q1 2018 from $49,150 in Q4 2017 and $3,434 in Q3 2017. The increase represents a 109% increase quarter-over-quarter from Q4 2017 to Q1 2018. The Company has a fiscal year end of February 28. The Peeks platform was launched in November 2016.

The Company also announced that the unaudited Financial Statements and Management's Discussion and Analysis ("MD&A") for the first quarter ended May 31, 2017, are now available on the Company's profile on SEDAR (www.sedar.com). Certain information provided in this news release is extracted from these documents and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited Financial Statements and MD&A that an investor can properly analyze this information.

Q1 2018 represents the three months ended May 31, 2017. Select highlights from the quarter include the following:

  • Q1 2018 total revenue was $103,144 as compared to $25,901 for Q1 2017. Revenues of the comparative period related solely to advertisements on the now retired Keek products.
  • Q1 2018 net loss was $1,889,327 as compared to $973,380 for Q1 2017. Net loss for Q1 2018 includes $626,972 of stock-based compensation, $1,016,787 of marketing expenses, and was offset by gains on settlement of debts of $305,975 (Q1 2017 - $215,750, $51,376, and $39,135 respectively).
  • Q1 2018 net loss per share was $0.03 as compared to $0.02 for Q1 2017.
  • Q1 2018 cash balance was $6,232,689 as compared to $517,043 for Q1 2017.

"We are very pleased with the continued performance of the Peeks Social platform. In our first few months we have seen strong and steady growth," said Mark Itwaru, CEO of Peeks Social Ltd. "Our users are transacting with each other every day inside the platform, with approximately $1.5 million (gross) of transactions between users in the first seven months alone. We continue to fine tune the service to maximize the amount of money generated on a per-user basis. Several new revenue generating features will appear in the service in the upcoming months. We are also investing heavily in marketing to amplify the growth; I look forward to seeing that reflected in the next several quarters' revenue."

The Peeks Social platform charges a "platform fee" on transactions between users. Pursuant to a technology licensing agreement with Personas.com Corporation, the Company currently generates licensing revenue from the Peeks Social platform equal to 30% of the gross profit generated from the Peeks Social platform. The Company intends to pursue the acquisition of all underlying intellectual property and technology assets relating to the Peeks Social platform in order to acquire an up to 100% interest in the product (see press release dated July 25, 2017).

The Peeks app can be downloaded in either the Apple or Google app stores, or by visiting www.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.

Forward-Looking statements:

The information and statements in this news release contain certain forward-looking information relating to a potential asset acquisition or similar transaction which has not yet been structured or committed to, as well as statements relating to the impact of marketing expenditures on future revenues. 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.

Image Available: http://www.marketwire.com/library/MwGo/2017/8/1/11G143497/Images/Peeks_Social_Ltd._Licensing_Revenue_by_Month-1a94570f588980eb9dcd666885c459d5.JPG

For further information, please contact:
Peeks Social Ltd.
Mark Itwaru
Chairman & Chief Executive Officer
647-992-7727
mark@peeks.com

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