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CORRECTING and REPLACING - Peeks Social Announces Appointment of William Lavin as Interim-CFO

TORONTO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- In a release issued on August 26, 2019 at 07:30 PM ET by Peeks Social Ltd. (TSX.V: PEEK) (OTCQB: PKSLF), please note that the release has been updated to include a section regarding the restatement of Q1 financials. The corrected release follows:

Peeks Social Ltd. (TSX.V: PEEK) (OTCQB: PKSLF) (“Peeks Social” or “the Company”) is pleased to announce the appointment of Mr. Bill Lavin as the new interim Chief Financial Officer (CFO). 

Mr. Lavin has been a director of the Company since 2015 serving on the Audit committee throughout that time.  With his appointment as the interim CFO, Mr. Lavin will be stepping down from his duties on that committee.

Peeks Social and Mr. Gaetano DiPietro, who was announced as CFO in May 2019, have mutually concluded their relationship.  The Company wishes Mr. DiPietro success in his endeavours.

The Company also wishes to announce that it intends to amend and restate its interim financial statements (Q1) for the three months ended May 31, 2019.  For Q1, the Company accounted for the prior acquisition of Personas.com (completed May 2018) using IFRS 10 (merger).  During the course of the Company’s audit for the year ended February 28, 2019, a conclusion was made that IFRS 3 (business combination) was the appropriate treatment.  As a result, the Company will need to account for the purchase of Personas.com at fair value at the date of the acquisition as opposed to consolidating the assets and liabilities of both the Company and Personas.com and using the carrying value as of February 28, 2018.  As a result, the Company may need to recognize goodwill.  A final determination will be made once the audit has been completed.

The restatement will not affect the Income Statement for Q1, for the fiscal year ended February 29, 2020, however if will affect the Statement of Financial Position and the comparative period for February 28, 2019, that will flow through to Q1 for the fiscal year ended February 29, 2020.  The Company expects it will be in a position to refile the Q1 financial statements in due course following completion of the audit for the fiscal year ended February 28, 2019.

The Peeks Social App can be downloaded in either the Google or Apple AppStores, or by visiting www.peeks.social.

The Personas Social App can be downloaded in either the Google or Apple AppStores.

For further information, please contact:

Peeks Social Ltd. 
Mark Itwaru                                                                 
Chairman & Chief Executive Officer                                     
416-635-5339                                                              
mark@peeks.com                                                     

David Vinokurov
Director Investor Relations
416-716-9281
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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