Mobile Rewards Provider To Trade on TSX
Under the Symbol “PER”
Perk.com Inc. (TSX:PER) (“Perk” or “the Company”),
a leading cloud-based mobile rewards platform provider, announced
that its common shares will commence trading on the Toronto Stock
Exchange today under the ticker symbol “PER” following the closing,
on July 10, 2015, of its Qualifying Transaction.
In conjunction with the Qualifying Transaction, Perk.com Inc., a
Delaware company, (“Perk US”), raised a total of CDN $25 million
(approximately US$20.2 million) in a private placement financing.
Canaccord Genuity Corp. and Beacon Securities Limited served as
lead agents in a syndicate including Cormark Securities and Haywood
Securities in connection with the private placement.
Perk US Operating Highlights
Perk US was formed in December, 2009, headquartered in Austin,
TX, and launched its mobile rewards program platform in 2013. On
July 10, 2015, Mira VI SubCo Inc., a wholly-owned subsidiary of the
Company (formerly Mira VI Acquisition Corp.), merged into Perk US
and was renamed Perk.com US Inc. (becoming a wholly-owned
subsidiary of Perk).
Perk provides a rewards platform targeting the “New Consumer”
primarily by rewarding for people's every day mobile and internet
activities. Perk offers Perk Points, a digital reward, which can be
redeemed for gift cards and cash. Members can earn Perk Points
through a wide variety of activities including, watching videos and
playing social games. As an example, a user can download Perk Pop
Quiz and earn Perk Points for answering trivia questions or can
earn Perk Points through its third party partner network of apps,
called Appsaholic.
As of June 30, 2015, Perk US had achieved the following
operating milestones:
- 4.5+ million installations of Perk
apps
- 5+ billion Ad Impressions
- US$10+ million in Perk Rewards
paid
Financial Highlights
- Revenue of Perk US has grown 2,246% to
US$17.1 million for the year ended December 31, 2014 from US$0.7
million in the prior year;
- On April 17, 2015, Perk US acquired
certain assets and assumed specific liabilities of Tsavo Mobile
Web, a division of Orion Foundry (Canada) Inc.;
- For 2014, on a proforma basis
(including the results of Tsavo Mobile Web), Perk US would have
reported revenues of US$36.5 million and Adjusted EBITDA of US$4.1
million for the year ended December 31, 2014. See “Non-IFRS
Measures” for the definition of Adjusted EBITDA.
For more information, please see the filing statement describing
the Qualifying Transaction at www.sedar.com.
Management Commentary and Perk Value Proposition
Ted Hastings, CEO of Perk, stated, “This is a major milestone in
Perk’s history. Obtaining a listing on the TSX provides us a strong
foundation for access to future capital and top talent. The
principal purposes of the funds raised from the private placement
are to expand the Company’s advertising sales team, grow the user
base, product development work, and marketing for the coming year.
We will continue to look for international market expansion
opportunities.
We remain focused on driving the value proposition for our
users, as well as our advertising partners. The online advertising
industry has been focused on how to deliver an advertisement
through a series of distribution paths to a consumer on their
mobile device. However, the overwhelming response from consumers,
no matter how the advertisement arrives, has been to skip the
advertisement or install advertising blocking technologies to
remove the advertisements completely. Perk’s focus has been to
reward their users for their time and attention and as a result of
that reward the users accept and engage with the advertisements
throughout their gaming, video, and mobile experience. Advertisers
get their ad viewed through to completion and users are rewarded
for their time and attention – a value exchange that reflects the
lifestyle of the New Consumer.”
Mr. Hastings continued, “We believe that our business model is
unique through the basic premise of engaging and rewarding users
without disrupting their daily mobile habits. In the coming months,
we will seek to grow our number of app installs, dedicated users
and sales team with a view to increasing profits.”
“As our model continues to gain momentum, we will also look at
incremental growth to our platform through additional accretive
acquisitions in areas that can help accelerate our objectives of
improving our advertising rates, our fill rate and broaden both our
distribution and exposure of our brand.”
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Perk.com Inc.
Perk provides a rewards platform targeting consumers primarily
by rewards for people's every day mobile and internet activities.
Perk offers Perk Points, a digital reward which can be redeemed for
gift cards and cash. Members can earn Perk Points through a wide
variety of activities including shopping, watching videos, and
playing social games.
Perk currently owns and operates 12 mobile applications allowing
members to earn Perk Points. Perk also operates numerous owned
websites. In addition to offering Perk Points through its own
mobile applications and websites, Perk launched its Appsaholic
Software Development Kit which allows mobile and desktop publishers
to reward their users with rewards, such as gift cards, for
engaging with the publisher's applications and websites.
Additional information about Perk.com Inc. can be found at the
company’s corporate website: ir.perk.com.
Non-IFRS Measures
The Company defines Adjusted EBITDA as net income (loss) from
operations before; (a) depreciation of property and equipment and
amortization of intangible assets; (b) share-based compensation,
and (c) other charges, net. Management uses Adjusted EBITDA as a
measure of the Company's operating performance because it provides
information related to the Company's ability to provide operating
cash flows for acquisitions, capital expenditures and working
capital requirements. The Company also believes that analysts and
investors use Adjusted EBITDA as a supplemental measure to evaluate
the overall operating performance of companies in its industry.
Adjusted EBITDA should be used in addition to and in conjunction
with the results presented in the Company’s consolidated financial
statements prepared in accordance with IFRS. Management strongly
encourages investors to review the Company's financial statements
in their entirety and to not rely on any single financial measure.
Because non-IFRS financial measures are not standardized, it may
not be possible to compare these financial measures with other
companies' non-IFRS financial measures having the same or similar
names.
Cautionary Statement Regarding Forward
Looking Statements
This press release contains forward-looking statements,
including with respect to Perk’s business, Perk’s ability to grow
its active consumer base; the proposed used of proceeds with
respect to the funds raised from the private placement; user and
advertiser engagement; Perk’s ability to establish new marketing
partnerships; Perk’s ability to expand into new markets; and Perk’s
ability to acquire and integrate new businesses and technologies.
Such forward-looking statements reflect Perk’s expectations about
its future operating results, performance and opportunities that
involve substantial risks and uncertainties. These statements
include but are not limited to statements regarding the intended
terms of the offering and the closing of the offering. When used
herein, the words "anticipate, " "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as
they relate to Perk or its management, are intended to identify
such forward-looking statements. These forward-looking statements
are based on information currently available to Perk and are
subject to a number of risks, uncertainties, and other factors that
could cause Perk actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements, including, but not
limited to: maintenance by Perk of relationships with advertising
network providers; maintenance by Perk of its agreement with
Yahoo!; successful development of the “Perk” brand; Perk’s ability
to keep up with rapid technology developments in Perk’s markets;
Perk’s ability to avoid defects in products and services delivered
by Perk; Perk’s ability to attract app and website developers to
its Appsaholic SDK; and Perk’s ability to successfully enter new
business areas and geographic markets; success of new products
developed by Perk and Perk’s ability to retain key members of its
management team.
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version on businesswire.com: http://www.businesswire.com/news/home/20150715005652/en/
Perk.com Inc.Ted Hastings,
519-546-2897Chief Executive Officerted@perk.comorJeff CollinsChief
Financial Officerjeff@perk.comorINVESTOR RELATIONS:The Equity Group Inc.Adam Prior,
212-836-9606Senior Vice Presidentaprior@equityny.comorJiayi Fan,
212-836-9612Associatejfan@equityny.com
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