Vancouver, Canada / December 6, 2022 / Perk Labs Inc. (CSE: PERK / OTCQB: PKLBF / FKT: PKLB) (“Perk” or the “Company”), today announced that it has initiated a number of cost reduction actions to help the Company endure a challenging economic environment and it has launched a process to explore its strategic options.
Cost realignment measures recently undertaken include reallocating the Company’s workforce and cost cutting in non-essential discretionary spending.
Potential strategic options that the Company is exploring include the possibility of raising growth capital, merger, reverse merger, acquisition, or other strategic transactions.
Jonathan Hoyles, Perk’s Chief Executive Officer, said “We are currently in discussions with several parties with regards to potential transactions and determined the commencement of a strategic process would be helpful in connecting with third parties who could be synergistic with our existing business or in providing new opportunities for the Company and its shareholders.”
Kirk Herrington, Chairman of the Company, added, “With ongoing consolidation in the financial and restaurant technology industry, we feel there are many opportunities for discussions with various parties to assess how mutual ambitions to create greater scale in a tough economy can be better realized.”
James Edward Capital Advising on Strategic Options
Patrick Power, Chairman and President of James Edward Capital Corporation, an Ottawa-based boutique investment bank focused on emerging growth companies, is advising the Company on its strategic options. Mr. Power has significant experience with strategic initiatives, finance and governance, having previously served in senior executive roles for several TSX/TSXV-listed technology companies. The Company looks forward to drawing on his expertise as it reviews its strategic options.
About Perk Labs Inc.
Perk Labs Inc. (CSE: PERK) (OTCQB: PKLBF) (FKT: PKLB) is the owner of Perk Hero, the mobile commerce platform on a mission to empower business owners with the digital tools to provide their customers with dining experiences that are more engaging, convenient and rewarding. Perk Hero is growing through a unique community-driven digital franchise business that is available to entrepreneurs at an attractive start-up price.
For more information on a Perk Franchise, visit www.perkfranchise.com.
For more information contact:
Perk Labs Inc.
James Edward Capital Corporation
Office: 613-226-7555 X101
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 the Company’s business strategies and its expectations concerning future operations, the Company’s strategic plan the types of strategic options to be considered, as well as other statements with respect to management’s beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts. Although the Company 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, including the Company’s ability to identify timely and reasonable strategic options and other factors which management considers appropriate. The Company cautions investors that any forward-looking information provided by the Company 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.