TORONTO, Aug. 23, 2019 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (the "Corporation", or “Peeks”) (TSXV: PEEK, OTCQB: PKSLF) is providing this update on the status of the action taken by the Ontario Securities Commission (“OSC”) in issuance of a Management Cease Trade Order (“MCTO”) against the Corporation for failure to file the following by June 28, 2019:

  1. audited annual financial statements for the year ended February 28, 2019;
  2. management's discussion and analysis relating to the audited financial statements for the year ended February 28, 2019; and
  3. certification for the audit financial statements for the year ended February 28, 2019.

The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding and will continue to issue bi-weekly default status reports for so long as it remains in default of its’ requirements.

During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares.  However, the Company’s chief executive officer and chief financial officer will not be able to trade in the Company’s shares.

The Corporation has filed for an extension of the MCTO to September 16, 2019, due to particular issues regarding application of accounting standards IFRS 3 and IFRS 10 as they relate to the amalgamation of Personas.com and Peeks Social Ltd.  No assurance can be provided at this time that the OSC will grant the extension of the MCTO.  A full Cease Trade order may be put in place until the filing of all outstanding audited financial documents.

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.
For further information, please contact:

Peeks Social Ltd. 
Mark Itwaru 
Chairman & Chief Executive Officer
416-639-5339 
mark@peeks.com                                        
David Vinokurov
Director Investor Relations
416-716-9281
davidv@peeks.com

Forward Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Audited Financial Statements and related Management’s Discussion and Analysis for the year ended February 28, 2019.  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.