UPDATE: Perk Labs Sees Spike in Sales and Prepares for Busy Holiday Shopping Season

Rhea-AI Summary

Perk Labs Inc. (OTCQB:PKLBF) has reported significant growth in transaction volume through its Perk Hero app, notably an increase in gift card purchases in November. This aligns with the growing trend of online shopping due to COVID-19 restrictions. The company raised $333,000 from its At-The-Market Program, with $170,675 raised in November alone, enhancing its balance sheet. Upcoming plans include U.S. expansion and new features such as a virtual shopping assistant. The company is leveraging the holiday season to promote exclusive sales and enhance customer acquisition.

Positive

• Spike in transaction volume and gift card purchases in November.
• Raised $333,000 via At-The-Market Program, improving financial stability.
• Plans for U.S. expansion and new features such as virtual shopping assistant.

Negative

• None.

[Duplicate Paragraph Removed]

VANCOUVER, BC / ACCESSWIRE / November 24, 2020 / Perk Labs Inc. (CSE:PERK)(OTCQB:PKLBF)(FKT:PKLB) ("Perk" or the "Company"), the parent company of Perk Hero, the mobile commerce platform with exclusive rewards on e-gift cards and curated goods, is pleased to report an increase in the dollar volume of purchases transacted through its app in the month of November, highlighted by a notable spike in the number of gift card purchases from customers in multiple locations across Canada, as well as a surge in signing up new eCommerce merchants to its app.

"We are happy to see a recent spike both in the number of transactions and merchants signed up on our app. This indicates that Perk is on the right track, and we want to keep the ball rolling. As consumers move to online shopping amid the pandemic restrictions, gift cards are proving to be a preferred touchless way to spread some much-needed holiday cheer. We are pleased to provide our customers with exclusive offers on high-quality goods and digital gift cards as well as an opportunity to earn rewards by referring Perk to their friends," says Perk Labs CEO Jonathan Hoyles.

Unlike any other year, this holiday season will see a huge shift towards online shopping due to COVID-19 limitations. Consumers have adjusted their shopping behaviours, and Perk intends to make use of this shift.

To continue on the recent growth trend, Perk will be running a series of exclusive sales and special bonus cashback reward promotions on high-quality products and digital gift cards leading up to Black Friday and Cyber Monday. The Company is currently offering special bonus cashback rewards on digital gift cards for PlayStation, Nintendo, Xbox, and Indigo. These promotions are timely as PlayStation, and Xbox recently released their next generation of gaming consoles.

Perk would also like to provide an update on its At-The-Market Program. Since commencing the program, the Company has raised $333,000, of which $170,675 has been raised in the month of November. The financing proceeds strengthen the Company's balance sheet and will allow Perk to expand its sales and marketing efforts.

Looking forward into the new year, the Company has plans to execute on the following:

• Q1 2021 will be focused on the US expansion, offering US digital gift cards and enhanced merchant tools.
• Q2 2021 will continue to focus on the US expansion, as well as launching a virtual shopping assistant and group buying.
• Q3 2021 will focus on an AI recommendation engine and API integrations.

For the remainder of 2020, Perk will continue to focus on growing its supply of merchants, new customer acquisition, and promoting its products throughout the holiday shopping season.

About Perk Labs Inc.

Perk Labs Inc. is the owner of Perk Hero, the mobile commerce platform with exclusive perks on e-gift cards and curated goods. For more information about Perk Labs, please visit www.perklabs.io

For more information, contact:
Jonathan Hoyles, CEO
Perk Labs, Inc.
(833) 338-0299
investors@perklabs.io

Iryna Zheliasko
CHF Capital Markets
416-868-1079 x 229
iryna@chfir.com

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, expectations of sales during the holiday shopping season, demand from customers for the Company's sales and offers during Black Friday and Cyber Monday, and the Company's sales and marketing efforts, the Company's plans to expand into the US, offer digital gift cards in the US, enhance its merchants tools, launch a virtual shopping assistant, group buying capability, AI recommendation engine and API integrations. 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 source version on accesswire.com:
https://www.accesswire.com/618214/UPDATE-Perk-Labs-Sees-Spike-in-Sales-and-Prepares-for-Busy-Holiday-Shopping-Season

FAQ

What recent sales trends did Perk Labs report?

Perk Labs reported a significant increase in transaction volume and gift card purchases through its Perk Hero app in November 2020.

How much money did Perk Labs raise in November 2020?

In November 2020, Perk Labs raised $170,675 as part of its total $333,000 from its At-The-Market Program.

What are Perk Labs' future expansion plans?

Perk Labs plans to expand into the U.S. market in early 2021, offering U.S. digital gift cards and enhanced merchant tools.

What promotions is Perk Labs running for the holiday season?

Perk Labs is running exclusive sales and cashback reward promotions on digital gift cards and high-quality products leading up to Black Friday and Cyber Monday.