In This Article:
Personas Social Incorporated (the "Company") (TSXV:PRSN) announces that further to its press releases dated August 16, 2024, August 20, 2024 and September 23, 2024, the Company has closed the sale of its Peeks Assets (defined below) to Mii.TV Inc. ("Mii.TV"). The Company, as vendor and Mii.TV, as purchaser entered into a definitive agreement dated August 19, 2024 with respect to the sale of the assets of the Company's ‘Peeks Social' web and app based platform ("Peeks Asset") to Mii.TV (the "Transaction").
On October 1, 2024 the Company held its annual general and special meetings (the "Meeting") of shareholders to consider, among other things, the Transaction as a sale of all or substantially all of the assets of the Company and the sale of the Peaks Asset. At the Meeting, requisite shareholder approvals were received for all matters tabled including receiving approvals from disinterested shareholders on all matters that required it.
On closing of the Transaction, an adjustment was required to be made to the purchase price for the Peeks Asset to account for the current accounts payable amount, and thus the closing purchase price was revised to provide $264,874 in cash to the Company on closing instead of the previously disclosed and anticipated closing cash amount of $53,000. All other terms of the Transaction remained the same.
With the Transaction now closed, the Company plans to devote its resources to the development of its new and re-launched Keeks Social web and app based platform. Keek Social offers users the chance to share their lives and connect with others through both short-form and long-form videos.
The Transaction has received all requisite approvals including approval from the TSX Venture Exchange.
About Personas
Personas Social Incorporated is a Canada-based company engaged in the business of offering live video conferencing technology, live streaming, social media products and services for use by consumers and businesses, with a focus on mobile (iOS and Android) products. It focuses on providing social commerce-enabled products which allow for a monetizable user experience to all users, consumers and businesses alike. The Company accomplishes this by offering products which are complete with enterprise-grade e-commerce infrastructure including multi-currency, multi-lingual, turnkey mobile commerce suites for users.
For further information, please contact:
Personas Social Incorporated
Mark Itwaru
Chairman & Chief Executive Officer
Telephone: 647-789-0074
Email: mark@personas.com