PERK LABS INC - PKLBF STOCK NEWS

Perk Labs Inc. has announced a series of cost reduction measures amid challenging economic conditions, including workforce reallocation and trimming non-essential spending. The company is now exploring strategic options such as raising capital and potential mergers or acquisitions. CEO Jonathan Hoyles stated discussions are ongoing with several parties to seek synergistic opportunities. James Edward Capital Corporation is advising Perk on these strategic options.

Perk Labs owns Perk Hero, a mobile commerce platform aimed at enhancing dining experiences.

Perk Labs Inc. (OTCQB: PKLBF) reported its Q3 2022 financial results, revealing a net loss of $2.8M compared to $839K in Q3 2021. Key highlights include a 61.6% increase in annual recurring revenue from new contracts and successful integration with Deliverect for enterprise sales. The company has focused on reducing expenses, leading to a 7% decrease in R&D costs and a 33% drop in marketing expenses. Despite challenges, including reduced cash reserves, Perk is optimistic about future growth through new sales initiatives and expanded market reach.

Perk Labs has appointed Manon Roy as its new Director of Sales, bringing over 15 years of B2B sales experience. This strategic hire aims to capitalize on growth opportunities across North America, particularly in the hospitality sector, where the adoption of digital solutions is accelerating. Roy's expertise in enterprise software and relationship-building with C-level executives is expected to enhance the company’s sales efforts. CEO Jonathan Hoyles expressed optimism about this leadership addition, emphasizing its timing as essential for the company’s upcoming expansion.

Perk Labs Inc. (OTCQB: PKLBF) provides a comprehensive corporate update on September 14, 2022. The company has shifted its focus from a B2C marketplace to a B2B subscription-based model, successfully onboarding initial paying customers. A new sales-first strategy has been initiated, with new hires to enhance customer acquisition. Cost reductions have been implemented, including workforce reductions and a phased exit from the digital gift card business. To bolster cash reserves, the company sold $600,000 in stock and is exploring various financing options.

Perk Labs Inc. (OTCQB: PKLBF) announced the signing of a new client, iBEAUTI Skincare, and the launch of a new reservation feature for its app. This adds to the custom app's capabilities for restaurants and other verticals such as salons and fitness studios. CEO Jonathan Hoyles noted this expansion increases franchise value and revenue potential. The company has also secured its first restaurant in Montreal and continues to grow its user base and transaction volume, especially following a competitor's exit from the market.

Perk Labs Inc. has announced certification from Deliverect for Point-of-Sale (POS) integration, enhancing its technology stack for digital ordering and payments. Deliverect's software integrates online food delivery orders, benefiting 25,000 establishments worldwide. This partnership will streamline restaurant operations by reducing order processing errors and improving customer satisfaction. Perk Labs aims to beta test with restaurant partners and will receive referral fees for each new Deliverect restaurant signup, positioning itself to attract larger restaurant chains.

Perk Labs Inc. reported a net loss of $1.9M for Q2 2022, contrasting with a net income of $241K in Q2 2021, primarily due to a $781K unrealized loss from investments. Working capital decreased to $989K from $3.0M a year prior. The company is pivoting from a B2C model to a B2B subscription model, launching new tech features like a merchant app and 'Order and Pay Later.' Despite the losses, management is optimistic about the future, targeting profitability within 12-18 months as they expand their digital franchise offerings.

Perk Labs Inc. has concluded its at-the-market equity program, which successfully raised $3,241,596 since inception on July 29, 2020. In addition, the company divested 2,539,000 shares of Hero Innovation Group Inc. for $203,120, enhancing its cash position. Perk Labs is dedicated to aiding businesses in transitioning to the digital economy through its platform, Perk Hero, providing essential digital tools for restaurateurs.

Perk Labs Inc. (OTCQB:PKLBF) announced the completion of custom branded apps for Chun Fun How and SoyTalk, aiming to launch them on Apple and Google Play stores. The company's CTO highlighted the efficiency of their platform, allowing new apps to be generated quickly, minimizing costs. Consumer data shows that 67% of restaurant customers prefer using an app over websites or third-party services. CEO Jonathan Hoyles emphasized the importance of digital tools for restaurant survival in current economic conditions, forecasting growth in merchant usage and order volumes.