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Peeks Social Files Audited Consolidated Financial Statements for the Year Ended February 28, 2019

TORONTO, Oct. 28, 2019 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV: PEEK; OTCQB: PKSLF) (“Peeks Social” or the “Company”) announced that the audited consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the year ended February 28, 2019, are now available on the Company’s profile on SEDAR (www.sedar.com). The year ended February 28, 2019, represents the Company’s 2019 fiscal year.

Select quarterly highlights include the following:

  • The Peeks Social platform generated gross revenue of $7,388,340 during the Fiscal Year ended February 28, 2019 while gross margin had improved by 8% to 24% from 16% in Fiscal year ended February 28, 2018
  • GAAP net loss increased to $4.5 million in FY2019 from $2.7 million in FY2018.
  • GAAP net loss per share was $0.109 for FY2019 as compared to $0.050 for FY2018.
  • FY2019 includes a goodwill impairment of $20,170,146 which is a non-recurring item.
  • Shareholders equity improved to a surplus of $740,533 in FY2019 from a deficit of $5,074,691 in FY2018.

Certain information provided in this news release is extracted from the Audited Consolidated Financial Statements and MD&A of the Company for the year ended February 28, 2019, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited condensed consolidated interim Financial Statements and MD&A that an investor can properly analyze this information.

The Cease Trade Order (“CTO”) effective September 9, 2019, issued by the Ontario Securities Commission (“OSC”) for the Company is still in effect, however, the Company intends to address any additional conditions, if any, imposed by the OSC.  The Company will provide an update on revocation of the CTO as it becomes available.  In addition, the Company will be filing its application to TSXV for reinstatement following a review of the Company’s February 28, 2019, audited financial statements and corresponding MD&A by the TSXV, completion of the necessary filings; and revocation of the CTO.

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

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

David Vinokurov
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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