Personas Announces Closing of Sale of Peeks Asset

TORONTO, ON / ACCESSWIRE / December 3, 2024 / 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

Forward Looking Statements
This press release contains statements that constitute " forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include: information relating to the Transaction and all ancillary matters; the sale of the Peeks Asset and the Company being able to continue to operate as a going concern. Such statements and information reflect the current view of the Company. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.

The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management' s beliefs, estimates or opinions, or other factors, should change.

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.

SOURCE: Personas Social Incorporated