VANCOUVER, BC / ACCESSWIRE / March 30, 2020 / Perk Labs Inc. (formerly Glance Technologies Inc.) (CSE:PERK)(OTCQB:PKLBF)(FKT:GJT) ("Perk Labs" or the "Company"), today announced financial results for the fourth quarter and fiscal year ended November 30, 2019.
Overview
In the fourth quarter, we re-envisioned our business model and developed a strategy that we believe aligns our brand and product with what the market wants. This newfound clarity and focus provides us with a roadmap that will take our business to the next phase of growth, transform the Company and improve our long-term financial position. We also invested in upgrading our technology and streamlined our development process to accelerate our introduction of new product features.
Perk Labs CEO Jonathan Hoyles said, "During strategy reviews and market research conducted in the fourth quarter, we identified and prioritized operating improvements and business opportunities that will drive financial results. We also went through a period of restructuring and right-sizing in our fourth quarter that has placed our Company on a much more sustainable path with a reduced monthly burn rate."
"The steps we took in 2019 to streamline our costs and rebuild our product have placed our Company in a better position to deliver value to our customers during the crisis caused by the COVID-19 pandemic" said Jonathan Hoyles. "More than ever before, we are seeing the need and demand for mobile ordering and safe contactless digital payments."
"We have more work to do, and we will continue to take actions to strengthen and re-focus our business. 2019 was a ‘reset year' for the Company. This is just one quarter in what will be a 12 to18 month transformation. I remain confident that we will unlock value for our stakeholders as our Company's transformation accelerates."
Q4 2019 compared to Q4 2018 - Financial Highlights
(all figures are rounded to the nearest thousand):
Fiscal 2019 Financial Highlights:
Fiscal 2019 Highlights:
Subsequent to the financial year-end, the following events occurred:
Outlook
The Company's strategic priorities for 2020 include:
The Company's complete financial results are available in its annual audited Consolidated Financial Statements and Management's Discussion and Analysis for the year ended November 30, 2019, each of which have been filed with Canadian securities regulators at www.sedar.com.
IFRS
The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standards (IFRS).
About Perk Labs
Perk Labs Inc. is the owner of Perk Hero, a digital loyalty management platform that enables merchants to provide their customers with digital rewards and a more engaging and convenient customer experience. For more information about Perk Labs, please visit www.perklabs.io
For more information, contact:
Tracey St. Denis
Chief Financial Officer
[email protected]
833-338-0299
[email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "may", "believe", "thinks", "expect", "exploring", "expand", "could", "anticipate", "intend", "estimate", "plan", "pursue", "potentially", "projected", "should", "will" and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Perk Labs' business strategies and its expectations concerning future operations and that the Company: will take its business to the next phase of growth, will improve its long term financial position; will be able to deliver value to our customers during the crisis caused by the COVID-19 pandemic; will unlock value for our stakeholders as our Company's transformation accelerates; is on a sustainable path with a reduced monthly burn rate; will build an exceptional and world-class brand; increase the number of users and merchants using the Perk Hero platform; ramp up sales and revenue generation, and sign enterprise accounts for the Company's white label solution. Although Perk Labs considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled "Risk Factors" in the most recent Annual Information Form and Prospectus of Perk Labs, which may be accessed through Perk Labs' profile on SEDAR at www.sedar.com. Perk Labs cautions investors that any forward-looking information provided by Perk Labs is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
SOURCE: Perk Labs Inc.