Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Peeks Social Receives iOS approval and Relisting to App Store

TORONTO, March 26, 2019 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV:PEEK) (OTCQB:PKSLF) (“Peeks Social” or “the Company”) is pleased to announce that the Peeks App has been approved by Apple and is once again available for download in the Apple Store. In addition to returning to the Apple Store, the Company is also pleased to announce that it has successfully negotiated with Apple the use of 3rd party payment processing services for purchases on the Peeks Platform. Previously Peeks was obligated to use Apple's in-app purchases at a cost of 30% per transaction and funds settlement period of 45 days. The high cost of in-app payments and the long settlement periods had resulted in a poor quality of service to users and a significant number of user complaints. Similarly, the Company has also migrated approximately 80% of its Android traffic from Google in-app payments to 3rd party payment processing services. Google's fees and settlement periods for in-app payments are similar to Apple; as such the benefits to the Company by virtue of moving to 3rd party payment processing services will be comparable.

The new payment processing services cost the Company 2.8% to 10% as opposed to 30%. Settlement periods are typically 2 business days or less. This provides the Company the ability to pay broadcasters more quickly and to provide users discounts on the purchase of content. Long payout cycles have been the main cause of broadcaster complaints and the main hindrance to rapid growth of the business. The faster settlement periods are allowing the Company to get caught up on backlogged broadcaster payouts and facilitating faster payouts to broadcasters.

It is management’s expectation that the user adoption curve as a result of migrating to 3rd party payment processing services, will result in a temporary decline in transaction volume on the Peeks Platform, followed by a subsequent increase in transaction volume. It is also management’s expectation that faster payouts to broadcasters and lower fees to viewers will result in significantly greater broadcaster retention, and subsequently; to a significant increase in overall spending on the Peeks Platform. The Company’s operating margin will also significantly increase as a result of lower payment processing fees.

Annual General and Special Meeting

The Company will be holding its Annual General and Special Meeting on May 31, 2019. Details of location and time will be released once the company finalizes arrangements.

David Vinokurov
Director Investor Relations
davidv@peeks.com
416-716-9281

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).