Personas Provides Update Q2 Interim Financial Statement

Rhea-AI Summary

Personas Social Incorporated announces net profit of $72,403 for the period ending June 30, 2023, compared to $80,710 in 2022. Expenses increased from $741,200 to $958,150 due to additional consulting expenses. The Company has raised $1,150,000 in financing for the re-launch of its Keek Social service. CEO Mark Itwaru invested $150,000 in this round of financing.

Toronto, Ontario--(Newsfile Corp. - August 30, 2023) - [DATELINE]Personas Social Incorporated (TSXV: PRSN) (the "Company") announces that the June 30, 2023 consolidated financial statements ("Financial Statements") and Management's Discussion and Analysis ("MD&A") for the period ending ended June 30, 2023, have been filed with SEDAR.

The Company is proud to announce that the period ending ended June 30, 2023, saw a net profit of $72,403 compared to $80,710 for the six months ended June 30, 2022. Expenses increased from $741,200 in 2022 to $958,150 in 2023. Increase in expenses are mainly due to additional consulting expenses related to the Company's new product.

In anticipation of the upcoming re-launch of its Keek Social service, the Company has raised $1,150,000 CAD at price of 6 cents per unit. Each purchased share is accompanied by one-half a warrant at a strike price of 8 cents. The warrants are subject to an acceleration clause wherein warrant holders will be obliged to exercise their warrants if the Company's share price equals or exceeds 50 cents for 10 or more trading days. The CEO Mark Itwaru has once again taken part in the Company's financing efforts and has invested $150,000 in this round of financing.

Certain information provided in this news release is extracted from the Financial Statements and MD&A of the Company for the period ended June 30, 2023, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information.

For further information, please contact:
Personas Social Incorporated
Mark Itwaru
Chairman & Chief Executive Officer
647.789.0074
Mark Itwaru mark@personas.com

Forward-Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Filings. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178946