Perk Labs Announces Completion of Merger with Getit

Rhea-AI Summary

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.

Positive

• Merger creates a leading company in digital ordering and logistics.
• Transaction valued at $4.655 million enhances market presence.
• New leadership promises innovative solutions for merchant engagement.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / March 2, 2023 / Perk Labs Inc. (CSE:PERK)(OTCQB:PKLBF)(FKT:PKLB) ("Perk" or the "Company") and Getit Technologies Inc. ("Getit") are pleased to announce they have completed their previously announced merger to create a leading solutions company in digital ordering, loyalty, and last mile logistics. The acquisition was completed by way of a share exchange, pursuant to which the Company issued an equivalent value of $4.655M in common shares of the Company at a deemed price of $0.025 per share in exchange for all of the issued and outstanding shares of Getit.

Ryan Hardy, the CEO of Getit, who is now the new CEO of the Company, said, "The merger of Perk Labs and Getit is an exciting milestone for both companies. By bringing together our technologies and expertise, we will be able to accelerate the development of innovative delivery, digital ordering and loyalty solutions that help merchants engage and retain customers. I am thrilled to lead the combined company and work with our talented team to drive growth and create value for our customers and shareholders."

Jonathan Hoyles, former CEO of the Company who is now the Chief Legal Officer, said, "The closing of this merger represents an exciting new chapter for the Company. We are thrilled to join forces with Getit to create a stronger, more innovative company that is better positioned to capitalize on the growing demand for our products. The combination of Perk Hero and Getit's technology platforms will provide merchants with a powerful, easy-to-use solution that will help them build deeper relationships with their customers and grow their businesses."

As part of the merger, the Company will be changing its name and ticker symbol to reflect the combined entity. The new name and ticker symbol will be announced in a future press release, and the Company will provide additional information on the rebranding process and timing. The new name and ticker symbol will better reflect the Company's expanded product offerings, vision, and mission to provide innovative and integrated delivery, digital ordering and loyalty solutions to merchants and consumers. The Company is committed to ensuring a seamless transition for its customers, shareholders, and stakeholders, and will provide updates as they become available.

Concurrent with the closing of the merger, the Company entered into a lock-up agreement with the four largest shareholders of Getit (the "Lock-Up Agreement"). Pursuant to the Lock-Up Agreement, the four largest shareholders have agreed not to sell, assign or otherwise transfer the common shares of the Company received, other than pursuant to certain exceptions described in the Lock-Up Agreement. The lock-up period expires on February 28, 2024.

In connection with the merger, Steve Cadigan and James Topham have stepped down from the Board of Directors of the Company. The Company would like to thank Mr. Cadigan and Mr. Topham for their valuable contributions and wish them all the best in their future endeavors. Newly appointed to the Board of Directors of the Company are the co-founders of Getit, Ben Lacroix and Ryan Hardy, CEO of the Company. Patrick Power will assume the position of Audit Committee Chair, succeeding James Topham.

About Perk Labs Inc.

Perk Labs is the owner of Getit and Perk Hero, the company specializes in technology, logistics, and connecting communities. Our digital payments and loyalty software empowers merchants to optimize their business and customer journey. Our marketplace and driver network connects and supports their business with additional sales and flexible last mile delivery options.

For more information about Perk Labs, please visit www.perklabs.io. Visit Perk Hero at www.perkhero.com.

For more information contact:

Ryan Hardy
CEO
Perk Labs Inc.
(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. These include, but are not limited to, the Company's ability to raise further capital and the Company's ability to obtain regulatory and exchange approvals. 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. Investors are cautioned that any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Trading in the securities of the Company should be considered highly speculative. 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.

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https://www.accesswire.com/741639/Perk-Labs-Announces-Completion-of-Merger-with-Getit

FAQ

What is the value of the merger between Perk Labs and Getit Technologies?

The merger is valued at $4.655 million.

What new role did Ryan Hardy take after the merger?

Ryan Hardy became the CEO of the newly combined company.

When is the lock-up period for major shareholders of Getit set to expire?

The lock-up period expires on February 28, 2024.

Will Perk Labs change its name and ticker symbol after the merger?

Yes, the company will change its name and ticker symbol in the future.

What areas will the merged company focus on?

The merged entity will focus on digital ordering, loyalty solutions, and last mile logistics.