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Peeks Social Files Unaudited Interim Consolidated Financial Statements for Q3 2020

TORONTO, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV: PEEK; OTCQB: PKSLF) (“Peeks Social” or the “Company”) announced that the unaudited consolidated interim financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended November 30, 2019 (Q3) are now available on the Company’s profile on SEDAR (www.sedar.com). The year ended February 28, 2020 represents the Company’s 2020 fiscal year.

Selected highlights for the three and nine months ended November 30, 2019 (Q3 2020) are as follows:

  • The Peeks Social platform generated gross revenue of $2.357 million during the nine months period ended November 30, 2019 ($5.868 million during the nine months period ended November 30, 2018) while gross margin had improved by 19% to 42% from 23% in the nine months ended November 30, 2018;
  • At the same time, Gross revenue generated from the platform for the three months ended November 30, 2019 was $0.644 million (for the three months ended November 30, 2018 was $1.686 million) with the same gross margin improvement of 18% to 44% from 26% in the same period of 2018
  • Net loss decreased to $2.538 million in the nine months period ended November 30, 2019 from $2.939 million in the same period in 2018; and for the three months ended November 30, 2019, net loss increased to $1.094 million as compared to $0.683 million for the same period in 2018.
  • Net loss per share was $0.010 for the nine months period ended November 30, 2019 as compared to $0.014 for the same period in 2018; and for the three months ended November 30, 2019 net loss per share was $0.004 as compared to $0.003 for the same period in 2018.

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 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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