by Perk Labs | 2023 October 31 | News
Vancouver, Canada / October 30, 2023 / Perk Labs Inc. (CSE:PERK)(OTCPINK:PKLBF)(FKT:PKLB) (“Perk” or the “Company”) the innovative solutions company specializing in software development for apps, payments, and loyalty rewards, today announced financial results for the third quarter ended August 31, 2023.
Overview
For the third quarter of 2023, the Company continued business consolidation from its merger with Getit Technologies Inc. (“Getit”). As a result, the company has refocused and remodeled its efforts to focus on custom payment and ordering software for large enterprise clients with complex purchasing environments. This new focus has permitted the company to continue cost-cutting efforts, while launching and scaling with new large enterprise clients.
“The company has made significant headway post-merger. Our focus has been on managing cashflow, controlling costs and reducing expenses as we reposition to a focused B2B large enterprise model. This post-merger strategy and direction will show immediate growth for the company over the coming quarter and into the new fiscal year as we move away from third-party marketplaces to custom solutions for large brands with our powerful white-label technologies”, said Ryan Hardy, CEO of Perk Labs.
2023 Q3 Financial Highlights:
- Revenue of $51,976 for the 9 months ended August 31, 2023 (“year to date” or “YTD”) compared to $20,406 for the comparative period in 2022.
- General and administration expenses decreased for the nine months ended August 31, 2023, to $869,617 (August 31, 2022 – $940,605) due to reduced headcount in the Company’s efforts to preserve cash balances.
- Sales and marketing expenses decreased slightly for the nine months ended August 31, 2023, ended August 31, 2023, to $296,283 (August 31, 2022 – $309,053) as the Company decreased to $296,283 (August 31, 2022 – $309,053) as the Company decreased both marketing and sales costs to preserve cash balances.
- The Company’s comprehensive loss for the nine months ended August 31, 2023, was $1,435,905 compared to $2,818,243 for the nine months ended August 31, 2022.
2023 Q3 Operational Highlights
- Ottawa Dragon Boat Festival: Perk Labs’ subsidiary, Getit Technologies Inc., was selected as the official ordering and payments partner for the Tim Hortons Ottawa Dragon Boat Festival and BeaverTails Ottawa Ice Dragon Boat Festival in a three-year, multi-festival agreement. Getit will earn digital payment processing fees for food, beverages, and donation transactions as the designated ordering and payments partner. Additionally, Getit will actively contribute to the Ottawa Dragon Boat community by becoming an official sponsor, offering support beyond its role in ordering and payment technology for the festivals.
- Clocktower Group of Brewpubs: Getit Technologies was also selected as an ordering and payment technology provider by the Clocktower Group of Brewpubs, encompassing 5 locations across Ottawa, including Ottawa’s original craft brewery.
- Fiazza Fresh Fired: Fiazza Fresh Fired also selected Getit Technologies Inc. as its technology partner and has implemented Getit’s innovative web-based QR code ordering solution at four of its locations in Ottawa.
- Annual General Meeting: Perk Labs held its Annual General Meeting of Shareholders on July 5, 2023, and Kirk Herrington, Larry Timlick, Ryan Hardy, Ben Lacroix and Jonathan Hoyles were elected as directors of the Company. In accordance with the Company’s majority voting policy, Patrick Power was not elected and Mr. Power submitted his resignation to the Board.
- Resignation of Chief Legal Officer: Effective July 13, 2023, Jonathan Hoyles resigned as Perk Labs’ Chief Legal Officer and Director to pursue another opportunity. His departure from the Company was amicable.
Highlights Subsequent To August 31, 2023
- Private Placement: In September, the Company closed a non-brokered private placement of 1,312,500 Units at a price of $0.016 per Unit for gross proceeds of CAD$21,000. Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.05 per Common Share for a period of 24 months from the Closing.
- Debt Settlement Agreement: Additionally, in connection with the private placement, the Company entered into a Debt Settlement Agreement with an arms-length creditor (the “Creditor”) for the settlement of a total of CAD$20,000 debt in consulting and design services provided by the Creditor to the Company. In settlement and full satisfaction of the debt, the Company issued 1,250,000 Units to the Creditor.
- Private Placement of Convertible Debentures: Perk Labs also closed its non-brokered private placement of convertible debentures for gross proceeds of $450,000. The Debentures mature one year from the date of issuance and bear interest at a rate of 15% per annum, and are convertible into Common Shares at a conversion price of $0.05 per Common Share.
- Carleton University Student Association: In October, Perk Labs announced that the Carleton University Students’ Association (“CUSA”) selected Perk’s subsidiary Getit Technologies Inc. as their ordering and payment technology provider for the Carleton University campus and their student body. Carleton is an Ottawa university with more than 30,000 students, and 2,400 staff and faculty members. As part of the multiyear partnership, Getit will roll out their web-based QR code ordering solution for CUSA’s food outlets, and will be facilitating ticketing and registration for all events hosted by CUSA. It is expected that this contract will eventually be worth up to $100,000 in annual revenues to Perk Labs.
- Queen Street Fare: In October, Perk Labs announced that Queen Street Fare (“QSF”) selected Perk’s subsidiary Getit Technologies Inc. as their ordering and payment technology provider for their food and beverage vendors. QSF is Ottawa’s first food hall, featuring six eateries. As part of the partnership, Getit will be providing QR code digital ordering through a custom branded web-app that unifies all the properties offerings into an easy to navigate interface for their guests.
New Private Placements
Private Placement of Units
The Company is proposing a new non-brokered private placement for gross proceeds of up to $1,000,000. Units will be offered at a price of $0.01 per Unit. Each Unit will consist of one common share of the Company and one Common Share purchase warrant Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.05 per Common Share for a period of 24 months from the Closing.
Additionally, in connection with the Private Placement, the Company may enter into Debt Settlement Agreements with arms-length creditors for the settlement of a total of up to ~$250,000 debt in professional services provided by the creditors to the Company.
Private Placement of Convertible Debentures
The Company is also proposing a non-brokered private placement of convertible debentures for gross proceeds of up to $1,000,000. The convertible debentures will be offered for a 2-year term at an interest rate of 15% and will be convertible into common shares of Perk Labs at a conversion price of $0.05 per share, subject to the terms and conditions set forth in the convertible debenture agreement.
The private placements of the Units and the convertible debentures are expected to close on or before December 9, 2023 (the “Closing”) unless further extended. The Closing is subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals. All securities issued pursuant to the private placements will be subject to a statutory hold period of four months and one day following the Closing. A finder’s fee may be payable in connection with the Private Placements. The Company intends to use the net proceeds from the private placements for general working capital purposes, accounts payable, and employee salaries.
Outlook
In the upcoming quarter, the Company expects to sign and launch a number of enterprise clients and roll out improvements and integrations between the Getit and Perk platforms. We believe that these developments, in conjunction with increased sales and marketing resources, will provide the required visibility to the Company’s operations that will enable growth.
The Company’s strategic priorities for the remaining year of 2023 include:
- A successful merger and business consolidation of the operations of Perk Hero Software Inc. and Getit Technologies Inc.
- Signing enterprise customers to use the Company’s technologies and services.
- Continued improvement of our products and offerings.
- Grow the number of end-user customers and businesses using our technologies and services.
- Grow our licensing and transactional revenue.
- Invest in sales, marketing, and communication strategies to drive growth.
Additionally, we are open to opportunities to expand our operations through mergers and acquisitions.
The Company’s complete financial results are available in its Consolidated Financial Statements and Management’s Discussion and Analysis for the quarter ended August 31, 2023, each filed with Canadian securities regulators at www.sedarplus.ca.
IFRS
The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS).
About Perk Labs
Perk Labs, the owner of Getit Technologies Inc. and Perk Hero Software Inc, specializes in apps, payments, and loyalty rewards. Our technologies connect businesses and consumers through mobile apps and web-based payment services that streamline and optimize the consumer experience and merchant digitalization.
For more information, please contact:
Andrew Bailes
Interim Chief Financial Officer
andrew@perkhero.com
833-338-0299
investors@perklabs.io
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, that the Company’s efforts will be reflected in much more positive results in our next quarter, that by focusing on signing new enterprise clients and leveraging the synergies of both Perk and Getit, the Company is well-positioned to achieve much greater success in the upcoming quarter; that by prioritizing enterprise sales and strategic partnerships, we are confident our efforts will result in improved results and generate significant value for our stakeholders; that the Company will sign enterprise clients; the continued improvement of our platform; that we will grow the number of end-user customers and businesses using our platform; that we will grow our licensing and transactional revenue; and that we will invest in sales, marketing, and communication strategies to drive growth. 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.sedarplus.ca. 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.
by Perk Labs | 2023 October 27 | News
Vancouver, Canada / October 27, 2023 / Perk Labs Inc. (CSE:PERK) (OTCPINK:PKLBF) (FKT:PKLB) (“Perk” or the “Company”) the company that specializes in ordering and payment technology, is pleased to announce that Queen St. Fare (“QSF”) has selected Perk’s subsidiary Getit Technologies Inc. (“Getit”) as their ordering and payment technology provider for their food and beverage vendors.
QSF is Ottawa’s first food hall, featuring six eateries: Bar Robo, Fiazza Fresh Fired, Green Rebel, Capitol Burger, Sen Kitchen, and Mercadito. QSF is located in one of Ottawa’s largest commercial properties, and is popular for its high-quality food, live music, and variety.
QSF vendors can look forward to QR code digital ordering through the custom QSF branded web-app. With the new technology in place, customers will experience shorter wait times, due to a more efficient ordering process and flow.
“The local eateries here at QSF make a commitment to deliver excellent service for our valued customers”, said Scott May, owner of Bar Robo. “With Getit’s solution, we can spend less time taking orders and more time serving our customers”.
With Getit’s solution, QSF vendors will benefit from improved operational efficiency and staff optimization. Additionally, Getit’s consumer data analysis reporting tools provide QSF with valuable insights that allow them to evolve their offering, improve their processes, and better meet their customers’ needs.
“The Getit Team is excited to digitalize Queen St. Fare and streamline their ordering process at QSF. QSF is a beautiful space that will benefit from a modern ordering solution that empowers guests to order faster and enjoy the space, versus waiting in line”, said Ryan Hardy, President & CEO. “We’re confident that QSF vendors will find that our tailored solution supports their unique needs and offerings to service their guests.”
About Perk Labs Inc.
Perk Labs, the owner of Getit Technologies Inc. and Perk Hero Software Inc. (“Perk Labs”), provides innovative mobile ordering and payment systems, allowing customers the ability to scan a QR code or NFC sticker to order and pay for their purchases directly from their phone. Perk Labs specializes in providing a single unified payment interface for complex purchase environments – environments that have multiple retailers processing an array of different transactions including food and beverage purchases, merchandise sales, ticketing, registrations, donations and even parking. Perk Labs provides a custom-branded solution that is ideal for multi-retailer venues such as stadiums and arenas, university and college campuses, conference centers, festivals, charity events and hotels and resorts. Perk Labs’ platform integrates to existing POS software and hardware systems, reducing cost, complexity and staff re-training.
About Queen St. Fare
The vendors at Ottawa’s first food hall, Queen St. Fare, are established local eateries that serve quick and tasty options including Mexican, Indian and Asian cuisine, as well as gourmet pizza, burgers, salads and coffee shop goodies. Order breakfast, lunch or dinner at the counter of your choice, then seat yourself at a table, booth or on the seasonal patio (or take your meal to go).
The Q Bar, open to the dining hall, serves local craft beers, wine on tap and funky cocktails. On select days and evenings, Queen St. Fare hosts special events such as trivia and live music—some events are free!
For more information, contact:
Ryan Hardy
CEO
(833) 338-0299
investors@perklabs.io
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 the Company’s business strategies and its expectations concerning future operations. 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. 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.
SOURCE: Perk Labs Inc.
by Perk Labs | 2023 October 26 | News
Vancouver, Canada / October 26, 2023 / Perk Labs Inc. (CSE:PERK)(OTCPINK:PKLBF)(FKT:PKLB) (“Perk” or the “Company”) the company that specializes in ordering and payment technology, is pleased to announce that the Carleton University Students’ Association (“CUSA”) has selected Perk’s subsidiary Getit Technologies Inc. (“Getit”) as their ordering and payment technology provider for the Carleton University campus and their student body.
Carleton is an Ottawa university with more than 30,000 students, and 2,400 staff and faculty members. As part of the multiyear partnership, Getit will rollout their web-based QR code ordering solution for CUSA’s food outlets, starting with Ollie’s Pub & Patio. Getit will also be facilitating ticketing and registration for all events hosted by the Carleton University Students’ Association.
In addition to web-based ordering, the Getit platform is also providing CUSA with a mobile app featuring loyalty points, food & beverage ordering, ticketing and registration, as well as merchandise and retail offerings. Orders through the mobile app allow for both pickup and on-premise ordering.
“The CUSA executive team is very excited to partner with Getit Technologies, and we’re looking forward to bringing Getit’s custom app and payment solution to the Carleton campus” said Christine Falardeau, CUSA Director of Communications & Strategy. “Using Getit’s technology, we are able to speed up order times for our busy students and keep more money on campus to continue providing the events, services, and programming that Carleton students enjoy”.
With the new technology in place, students can look forward to a faster and more efficient order process, a unified payment platform, and custom loyalty benefits. CUSA will be able to leverage Getit’s detailed data reporting to further improve the student experience at Carleton.
“Our team at Getit is looking forward to working with the CUSA executive team to digitalize their property and offering for their student body and faculty to truly take advantage of modern technology that enhances the student experience for a more efficient campus”, said Ben Lacroix, Chief Development Officer.
About Perk Labs Inc.
Perk Labs, the owner of Getit Technologies Inc. and Perk Hero Software Inc. (“Perk Labs”), provides innovative mobile ordering and payment systems, allowing customers the ability to scan a QR code or NFC sticker to order and pay for their purchases directly from their phone. Perk Labs specializes in providing a single unified payment portal for complex purchase environments – environments that have multiple retailers processing an array of different transactions including food and beverage purchases, merchandise sales, ticketing, registrations, donations and even parking. Perk Labs provides a custom-branded solution that is ideal for multi-retailer venues such as stadiums and arenas, university and college campuses, conference centers, festivals, charity events and hotels and resorts. Perk Labs’ platform integrates to existing POS software and hardware systems, reducing cost, complexity and staff re-training.
For more information, contact:
Ryan Hardy
CEO
(833) 338-0299
investors@perklabs.io
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 the Company’s business strategies and its expectations concerning future operations. 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. 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.
SOURCE: Perk Labs Inc.
by Perk Labs | 2023 September 28 | News
Vancouver, Canada / September 28, 2023 / Perk Labs Inc. (CSE:PERK / OTCQB:PKLBF / FKT:PKLB) (“Perk” or the “Company”) the company that specializes in ordering and payment technology, announced that it has closed a non-brokered private placement of units and convertible debentures.
Private Placement of Units
The Company closed a non-brokered private placement of 1,312,500 units (“Units”) at a price of $0.016 per Unit for gross proceeds of CAD$21,000. Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.05 per Common Share for a period of 24 months from the closing.
Additionally, the Company announced that in connection with the private placement, it entered into a Debt Settlement Agreement with an arms-length creditor (the “Creditor”) for the settlement of a total of CAD$20,000 debt in consulting and design services provided by the Creditor to the Company. In settlement and full satisfaction of the debt, the Company issued 1,250,000 Units to the Creditor.
Private Placement of Convertible Debentures
Perk Labs also announced that it closed a non-brokered private placement of convertible debentures (“Debentures”) for gross proceeds of $450,000. The Debentures mature one year from the date of issuance and bear interest at a rate of 15% per annum. The Debentures are convertible into Common Shares at a conversion price of $0.05 per Common Share, subject to the terms and conditions set forth in the specific Debenture agreement.
All securities issued pursuant to the private placements are subject to a statutory hold period of four months and one day following the closing. The net proceeds from the private placements will be used for general working capital purposes, accounts payable, and employee salaries.
In connection with the private placements, B. Rogic, a “related party” of the Company (as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), acquired $178,00 principal amount of Debentures. The acquisition of Debentures by Mr. Rogic constituted a “related party transaction” within the meaning of NI 61-101. The Company relied on an exemption from the formal valuation requirements of MI 61-101, as no securities of the Company are listed or quoted on specified markets, and an exemption from the minority approval requirements of MI 61-101, as the fair market value of the participation in the private placement by Mr. Rogic did not exceed 25% of the Company’s market capitalization.
About Perk Labs Inc.
Perk Labs, the owner of Getit Technologies Inc. and Perk Hero Software Inc., specializes in apps, payments, and loyalty rewards. Our technologies connect businesses and consumers through mobile apps and web-based payment services that streamline and optimize the consumer experience and merchant digitalization.
For more information, contact:
Ryan Hardy, CEO
(833) 338-0299
investors@perklabs.io
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 the Company’s business strategies and its expectations concerning future operations and the use of proceeds from the private placement. 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. 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.
by Perk Labs | 2023 July 31 | News
Vancouver, Canada, July 31, 2023 ― Perk Labs Inc. (CSE: PERK / OTCQB: PKLBF / FKT: PKLB) (“Perk” or the “Company”) today announced financial results for the second quarter ended May 31, 2023.
Overview
For the second quarter of 2023, the Company completed its purchase of Getit Technologies Inc. As a result of this transaction, Ryan Hardy became the CEO of Perk Labs, with Jonathan Hoyles transitioning to the role of Chief Legal Officer. As a result, the Company expanded its presence into large enterprise businesses and has dramatically increased its product portfolio and its revenues.
“Over the period of Q2, my primary focus has been to streamline the Company’s operations and develop a clear and concise strategy for growth. We continue to make significant progress in these areas, quarter over quarter,” said Ryan Hardy, Perk CEO, “Our strategy and execution of signing new enterprise clients and leveraging the synergies of both Perk and Getit continue to show solid traction and growth for the company in a large enterprise market for custom digital payments and loyalty offerings.”
2023 Q2 Financial Highlights:
- Revenue of $42,041 for the 6 months ended May 31, 2023 (“year to date” or “YTD”) compared to $15,003 for the comparative period in 2022.
- General and administrative expenses decreased from $645k for YTD Q2 2022 to $545k for YTD Q2 2023 as the Company continued to minimize its administrative expenses.
- Research and development expenses also decreased from $406k YTD Q2 2022 to $250k YTD Q2 2023 as the Company became more efficient at developing its products.
- Sales and marketing expenses remained stable at $218k for YTD Q2 2023 compared to $225k for the comparative period in 2022.
- Net loss was significantly reduced to $843k for the YTD Q2 2023, compared to a loss of $1928k in the comparative period of 2022.
2023 Q2 Operational Highlights
- Completion of Merger with Getit: On March 2, 2023, the Company announced it had completed its merger with Getit. The acquisition was completed through a share exchange, with the Company issuing an equivalent value of $4.655M in common shares of the company in exchange for all of the issued and outstanding shares of Getit. As part of the merger, Steve Cadigan and James Topham stepped down from the Board of Directors of the Company. Ben Lacroix and Ryan Hardy, the co-founders of Getit, were appointed to the Board of Directors. In connection with the merger, the four largest shareholders of Getit agreed not to sell, assign, or otherwise transfer the common shares of the Company received, with the lock-up period expiring on February 28, 2024.
- Private Placement: On April 25, 2023, the Company announced that it had closed a private placement of 11,609,909 units (“Units”), for proceeds of ~$190,000 and settled a debt of ~$85,900 with a creditor by issuing 5,238,414 Units. Each Unit included one Common Share and one Common Share purchase warrant. The net proceeds of the private placement are to be used for sales, marketing, and working capital. The Company also announced that Gary Zhang was transitioning from his role as Chief Technology Officer to an advisory role.
- Change of Auditor: The Company appointed Welch LLP as the independent auditor of the Company, effective as of May 3, 2023. Welch LLP replaced Saturna Group Chartered Professional Accountants LLP. There were no reportable events between the Company and the Former Auditor.
Highlights Subsequent To May 31, 2023
- Ottawa Dragon Boat Festival: In June, the Company announced that its subsidiary, Getit Technologies Inc., was selected as the official ordering and payments partner for the Tim Hortons Ottawa Dragon Boat Festival and BeaverTails Ottawa Ice Dragon Boat Festival in a three-year, multi-festival agreement.
- Clocktower Group of Brewpubs: The Company was also selected as an ordering and payment technology provider by the Clocktower Group of Brewpubs, encompassing 5 locations across Ottawa, including Ottawa’s original craft brewery.
- Fiazza Fresh Fired: Fiazza selected Getit Technologies Inc. as its technology partner and is implementing Getit’s innovative web-based QR code ordering solution at four of its locations in Ottawa.
- Annual General Meeting: The Company held its Annual General Meeting on July 5, 2023. All of the ordinary resolutions were passed, and 5 of the 6 incumbent directors were re-elected to serve until the close of the next annual meeting of shareholders. In accordance with the Company’s majority voting policy, Patrick Power submitted his resignation. The full voting results on all matters voted on at the meeting were filed on SEDAR at sedarplus.ca.
- Private Placement of Units: In July, the Company announced a proposed non-brokered private placement of up to 6,250,000 Units at a price of $0.016 per Unit for gross proceeds of up to $100,000. Each Unit will consist of one Common Share of the Company and one Common Share purchase warrant. Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.05 per Common Share for a period of 24 months from the Closing date.
- Private Placement of Convertible Debentures: Perk also announced a proposed non-brokered private placement of convertible debentures for gross proceeds of up to $250,000. The convertible debentures will be offered on varying terms, including interest rates ranging from 5% to 15% and differing acceleration terms and maturity dates specific to the terms of each convertible debenture agreement. The convertible debentures will be convertible into common shares of Perk Labs at a conversion price of $0.05 per share, subject to the terms and conditions set forth in the specific convertible debenture agreement. The private placement of the Units and the convertible debentures is expected to close on or before August 24, 2023, All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day following the Closing. The Company intends to use the net proceeds from the private placements for general working capital purposes, accounts payable, and employee salaries
- Resignation of Chief Legal Officer: The Company also announced the resignation of Jonathan Hoyles, Chief Legal Officer and Director, effective July 13, 2023. Mr. Hoyles is pursuing another opportunity, and his departure from Perk Labs is amicable.
Outlook
In the upcoming quarter, the Company expects to sign and launch a number of enterprise clients and roll out improvements and integrations between the Getit and Perk platforms. We believe that these developments, in conjunction with increased sales and marketing resources, will provide the required visibility to the Company’s operations that will enable growth.
The Company’s strategic priorities for 2023 include:
- A successful merger of the operations of Perk Hero Software Inc. and Getit Technologies Inc.
- Signing enterprise customers to use the Company’s technologies and services
- Continued improvement of our products and offerings.
- Grow the number of end-user customers and businesses using our technologies and services
- Grow our licensing and transactional revenue.
- Invest in sales, marketing, and communication strategies to drive growth.
Additionally, we are open to opportunities to expand our operations through mergers and acquisitions.
The Company’s complete financial results are available in its Consolidated Financial Statements and Management’s Discussion and Analysis for the quarter ended May 31, 2023, each filed with Canadian securities regulators at www.sedarplus.ca.
IFRS
The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS).
About Perk Labs
Perk Labs, the owner of Getit Technologies Inc. and Perk Hero Software Inc, specializes in apps, payments, and loyalty rewards. Our technologies connect businesses and consumers through mobile apps and web-based payment services that streamline and optimize the consumer experience and merchant digitalization.
For more information, please contact:
Andrew Bailes
Interim Chief Financial Officer
andrew@perkhero.com
833-338-0299
investors@perklabs.io
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, that the Company’s efforts will be reflected in much more positive results in our next quarter, that by focusing on signing new enterprise clients and leveraging the synergies of both Perk and Getit, the Company is well-positioned to achieve much greater success in the upcoming quarter; that by prioritizing enterprise sales and strategic partnerships, we are confident our efforts will result in improved results and generate significant value for our stakeholders; that the Company will sign enterprise clients; the continued improvement of our platform; that we will grow the number of end-user customers and businesses using our platform; that we will grow our licensing and transactional revenue; and that we will invest in sales, marketing, and communication strategies to drive growth. 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.sedarplus.ca. 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.
by Perk Labs | 2023 July 14 | News
Vancouver, Canada / Friday, July 14, 2023 / Perk Labs Inc. (CSE:PERK / OTCQB:PKLBF / FKT:PKLB) (“Perk” or the “Company”) the company that specializes in ordering and payment technology, today announced that it is proposing a non-brokered private placement of units and convertible debentures. Additionally, the Company announced the resignation of Jonathan Hoyles, Chief Legal Officer and Director, who will be leaving Perk Labs to pursue another opportunity.
Private Placement of Units
The Company is proposing a non-brokered private placement of up to 6,250,000 units (“Units”) at a price of $0.016 per Unit for gross proceeds of up to $100,000. Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.05 per Common Share for a period of 24 months from the Closing (as defined below).
Private Placement of Convertible Debentures
Perk Labs also announced today that it is proposing a non-brokered private placement of convertible debentures for gross proceeds of up to $250,000. The convertible debentures will be offered on varying terms, including interest rates ranging from 5% to 15% and differing acceleration terms and maturity dates specific to the terms of each convertible debenture agreement.
The convertible debentures will be convertible into common shares of Perk Labs at a conversion price of $0.05 per share, subject to the terms and conditions set forth in the specific convertible debenture agreement.
The private placement of the Units and the convertible debentures is expected to close on or before August 24, 2023 (the “Closing”). The Closing is subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day following the Closing. The Company intends to use the net proceeds from the private placements for general working capital purposes, accounts payable, and employee salaries.
Resignation of Jonathan Hoyles
Perk Labs also announced the resignation of Jonathan Hoyles, Chief Legal Officer and Director, effective July 13, 2023. Jonathan has decided to pursue another opportunity, and his departure from Perk Labs is amicable. The Company would like to express its gratitude for Jonathan’s valuable contributions during his tenure and wishes him success in his future endeavors. The Company is currently in the process of evaluating potential candidates to fill the vacancies on the board of directors.
“Jonathan has played an integral role in the evolution of Perk Labs’, including his invaluable contributions to the successful merger with Getit Technologies, and we sincerely appreciate his dedication and significant impact,” stated Perk Labs’ CEO Ryan Hardy. “As Jonathan embarks on a new professional endeavour, we extend our best wishes for his continued success. Perk Labs remains committed to its strategic vision and will focus on delivering innovative ordering and payment solutions for enterprise clients and driving value for our stakeholders.”
About Perk Labs Inc.
Perk Labs, the owner of Getit Technologies Inc. and Perk Hero Software Inc, specializes in technology, logistics, and connecting communities. Our digital payments and loyalty software empowers merchants to optimize their business and customer journey.
For more information, contact:
Ryan Hardy
CEO
(833) 338-0299
investors@perklabs.io
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 the Company’s business strategies and its expectations concerning future operations. 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. 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.
