VANCOUVER, BC / ACCESSWIRE / March 15, 2024 / Perk Labs Inc. (CSE:PERK)(OTC PINK:PKLBF)(FKT:PKLB) ("Perk" or the "Company"), today announced that as a result of delays to its audit, the Company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended November 30, 2023 (the "Required Filings"), are not expected to be finalized by April 1, 2024, being the date that such filings are due under applicable Canadian securities law requirements.
The Company has proactively applied for a voluntary management cease trade order (the "MCTO") with the British Columbia Securities Commission. The MCTO restricts the Chief Executive Officer and Chief Financial Officer of the Company from all trading in securities of the Company until such time as the Required Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.
The delay in the Required Filings is a result of complexities arising from the Company's merger in 2023 and the subsequent change in auditors. The Company is working diligently with the auditors to complete the audit of the November 30, 2023, financial statements as quickly as possible and the Company expects to file the Required Filings before May 31, 2024.
Until the Company files the Required Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release until such time as the Required Filings have been filed.
The Company also announced a further extension of its previously announced non-brokered private placements of Units and Convertible Debentures, for gross proceeds of up to $1,000,000, of which approximately $700,000 has been raised to date.
Units are offered at a price of $0.01 per Unit. Each Unit consists of one common share of the Company and one common share purchase 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.
The convertible debentures are 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 March 29th, 2024. A finder's fee may be payable in connection with the private placements.
In connection with the private placements, 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.
Further details of the private placements are provided in the press release of the Company dated October 30, 2023.
About Perk Labs Inc.
Perk Labs Inc., (CSE:PERK) (OTCPINK:PKLBF) (FKT:PKLB), 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.
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.
View the original press release on accesswire.com
