PERK LABS INC - PKLBF STOCK NEWS

Perk Labs Inc. has successfully closed a private placement, selling 11,609,909 units at $0.0164 each, generating approximately $190,000. Each unit includes one common share and a warrant for an additional share at $0.05, valid for 36 months. Directors and officers subscribed for 1,219,514 units. Additionally, the company settled about $85,900 in debt with an arms-length creditor by issuing 5,238,414 units. The proceeds from the private placement will be directed toward sales, marketing, and working capital. The company also announced a management change, as Gary Zhang transitions from Chief Technology Officer to an advisory role. All issued securities are subject to a four-month hold period.

Perk Labs Inc. has finalized its merger with Getit Technologies Inc., creating a prominent player in digital ordering, loyalty, and last mile logistics. The transaction involved a share exchange valued at $4.655 million, with shares priced at $0.025 each. CEO Ryan Hardy emphasized the merger's potential to innovate delivery solutions. Jonathan Hoyles, now the Chief Legal Officer, noted better positioning to meet market demands. The company plans to adopt a new name and ticker symbol in the future. A lock-up agreement has been established, preventing major shareholders from selling shares until February 28, 2024.

Perk Labs Inc. (OTCQB:PKLBF) has received a notice of allowance for a U.S. patent application aimed at enhancing electronic payments through fraud prevention techniques. This patent focuses on correlating transaction data with user device information. CEO Jonathan Hoyles emphasized the company's commitment to intellectual property protection as a vital aspect of their technology-driven strategy. In addition to this new patent, Perk Labs holds other patents for mobile invoice payments and has several patent applications pending in Canada, the U.S., and Australia related to electronic transactions and cryptographic tokens.

Perk Labs Inc. (OTCQB: PKLBF) reported its FY 2022 financial results on February 21, 2023. The company achieved revenue of $31,587, up from $28,947 in the previous year, while gross margins improved significantly from ~5% to ~30%. However, it faced a considerable net loss of ($3.37 million), up from ($1.49 million) in FY 2021, primarily due to losses on securities. The company plans to raise new funds and pursue a merger with Getit Technologies to enhance its revenue capabilities. Additionally, it aims to integrate AI into its offerings, furthering its goal of profitability.

Perk Labs Inc. has engaged Independent Trading Group (ITG) for market-making services to enhance the liquidity of its shares on the Canadian Securities Exchange (CSE). Under the agreement, ITG will receive CAD$5,000 monthly for an initial three-month term, renewed monthly unless terminated. The agreement does not include performance factors or equity compensation. ITG is an unrelated entity with no current interest in Perk's shares. The company operates Perk Hero, a mobile commerce platform aimed at empowering business owners with digital tools for improved customer experiences.

Perk Labs Inc. announced a transition in its CFO position, with Andrew Bailes set to succeed Vanessa Altamirano on February 17, 2023. Bailes brings extensive experience in finance, having raised over $100 million in capital and negotiated multi-million dollar debt facilities. The change comes as Perk prepares for a merger with Getit Technologies Inc., aimed at optimizing the integration of their businesses. The company expressed gratitude for Altamirano's contributions over her five-year tenure. The merger is expected to pave the way for future growth and enhance Perk's digital commerce platform capabilities.

Perk Labs has signed a binding Letter of Intent to merge with Getit Technologies, marking a significant step in its strategic growth. The merger aims to create a robust provider of digital solutions for delivery ordering and loyalty rewards across major Canadian cities. Under the terms, Perk will acquire 100% of Getit, rebrand as Getit Local, and appoint Getit's CEO, Ryan Hardy, as the new CEO. Additionally, the company has announced the appointment of Patrick Power to its Board of Directors and an extension of its private placement of convertible debenture units, targeting gross proceeds of $500,000.

Perk Labs Inc. has announced a non-binding letter of intent to merge with GetIt Technologies Inc., enhancing its digital service offerings. The merger, pending due diligence and necessary approvals, aims to create a leading delivery solutions provider across major Canadian cities. Perk will acquire GetIt's assets through a share exchange, rebrand as 'GetIt Local,' and appoint GetIt's CEO, Ryan Hardy, to a senior management role. This strategic move is intended to support rapid growth and provide value to shareholders.