TORONTO, June 04, 2020 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSX.V: PEEK) (OTCQB: PKSLF) (the “Company” or “Peeks”) is pleased to announce that further improvements have been made to its content providers’ (“Streamers”) payout wait times.
Peeks derives its revenue from transactions conducted on its platform. In Q4 2020 the company had reduced Streamer payout cycles to 7 business days from forty five business days. This faster payout cycle resulted in a halt to the decline in traffic and a resumption of utilization of its platform. As of June 3, 2020, Peeks has now further reduced the Streamer payout wait times to 3 business days. The Company expects that reduced hold times will continue to positively affect the Company's growth. Typically, Streamers wait until their payouts are received before they resume streaming. The reduced wait periods for payouts are expected to increase the frequency of Streamers streaming on Peeks and as a result positively impact revenues moving forward. The improvements to the service will be reflected in the Company's Q1 2021 Financial Statements which will cover the period of March 1, 2020 to May 31, 2021.
"I am extremely happy to see that the recent cash injections into the company yielded the expected results in not only halting the decline of sales, but also returning the company to experience healthy month over month growth once again," states Mark Itwaru, Chairman and CEO.
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.
Forward Looking Statements
This news release contains forward-looking statements relating to the expected benefits to be received from the reduced payout times. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.