Peeks Social Users Increase 114% Following Launch of Web Platform

Peeks Social (TSXV:PEEK) announced that the Peeks Social platform’s Monthly Activer Users have increased by 114 percent since the launch of the company’s web platform.

Peeks Social, a company engaged in the development of social media and social media commerce products launched its web platform on July 9, 2018.

As quoted in the press release:

Peeks Social is also available on iOS and Android. MAUs grew to 314,168 for August 2018, as compared to 245,875 for July 2018, and 146,496 for June 2018. The growth in MAUs was substantially all sourced from the web platform.

“The launch of our upgraded web portal has led to robust and significant growth in new users coming the Peeks Social platform.  Although we have witnessed a slight cannibalization of users transitioning from the app to the website, the offsetting growth in users and higher conversion rates from our web marketing efforts have exceeded our initial expectations,” states Mark Itwaru, CEO of the Company. “I would like to congratulate our technical team on the achievement of a successful product launch.”

The Company also announces that user deposits and user sessions for the second quarter (three months ended August 31, 2018) were $1.4 million and 6.5 million, respectively, as compared to $1.4 million and 6.2 million, respectively, for the first quarter (three months ending May 31, 2018). The website of the Peeks Social platform does not yet contain the full purchase functionality of the app platforms, and as such the increase in MAUs has not yet had a direct impact on user deposits. Full purchase functionality will be available on the web platform imminently.

The Company also announces that it has closed a non-brokered private placement. The Company issued an aggregate of 2,250,000 units at a price of $0.12 per unit, for total gross consideration from this private placement of $270,000. Each unit consists of one common share and one common share purchase warrant of the Company. Each warrant is exercisable to purchase one additional common share of the Company at an exercise price of $0.20 per share for a period of 24 months from the date of issuance. The common shares and warrants are subject to a four month hold period. The private placement is subject to the Company obtaining final acceptance from the TSX Venture Exchange upon the filing of required materials in due course. The Company paid aggregate finder’s fees of $21,600 to eligible arm’s length parties in connection with this private placement. Proceeds raised through the private placement will be used for the marketing and advancement of the “Peeks Social” platform, as well as for general working capital and corporate purposes.

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