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Peeks Social Reporting Gross Margin Improvement by 20% Quarter Over Quarter

TORONTO, July 31, 2019 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV: PEEK; OTCQB: PKSLF) (“Peeks Social” or the “Company”) announced that the unaudited condensed interim financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the three months ended May 31, 2019 (“Q1 2020”), are now available on the Company’s profile on SEDAR (www.sedar.com). The three months ended May 31, 2019, represent the first quarter of the Company’s 2020 fiscal year.

Select quarterly highlights include the following:

  • The Peeks Social platform generated gross revenue of $0.81 million during Q1 2020 while gross margin had increased by 20% as compared to Q1 2019
  • GAAP net loss decreased to $0.596 million in Q1 2020 from $0.659 million in Q1 2019. GAAP net loss was $0.683 million in Q3 2019;
  • GAAP net loss per share was $0.002 for Q1 2020 as compared to $0.003 for Q1 2019. GAAP net loss per share was $0.003 for Q3 2019

Certain information provided in this news release is extracted from the unaudited condensed interim Financial Statements and MD&A of the Company for the three months ended May 31, 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.

Peeks Social Ltd. would like to provide an update regarding the:

  • audited annual financial statements for the year ended February 28, 2019;
  • management's discussion and analysis relating to the audited financial statements for the year ended February 28, 2019;

The Corporation anticipates that it will be in a position to remedy the default by filing its annual financial statements and MD&A on or about August 30, 2019.  The Management Cease Trade Order will be in effect until the annual filings are filed. See press release dated June 21, 2019.

For further information, please contact: 
Peeks Social Ltd. 
Mark ItwaruDavid Vinokurov
Chairman & Chief Executive OfficerInvestor Relations
647-992-7727416-716-9281
mark@peeks.comdavidv@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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