Personas Social Announces Filing of Year End Financial Statements

TORONTO, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Personas Social Incorporated (TSX.V: PRSN) (OTCQB: PKSLF) (the “Company”) announces that the audited consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the year ended February 29, 2020 (“FY2020”), are now available on the Company’s profile on SEDAR ().

Select financial highlights from the Financial Statements include the following:

• The Personas Social platform generated gross revenue of $2.88 million during the FY2020 while gross margin had improved to 40% from 24% in fiscal year ended February 28, 2019
• GAAP net loss decreased to $4.4 million in FY2020 from $24.3 million in fiscal year ended February 28, 2019.
• GAAP net loss per share was $0.016 for FY2020 as compared to $0.109 for fiscal year ended February 28, 2019.
• Shareholders equity improved to a surplus of $1.36 million in FY2020 from a surplus of $0.74 million in fiscal year ended February 28, 2019.
• Total assets improved to $8.11 million in FY2020 from $7.06 million in fiscal year ended February 28, 2019 and Account payables decreased to $2.79 million in FY2020 as compared to $3.14 million in fiscal year ended February 28, 2019.

Certain information provided in this news release is extracted from the Financial Statements and MD&A of the Company for the year ended February 29, 2020, 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.

On May 20, 2020, the Canadian Securities Administrators (“CSA”) issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made between June 2, 2020 and August 31, 2020 as a result of the COVID-19 pandemic. As such the Alberta Securities Commission (“ASC”) has enacted Blanket Order 51-519 – Temporary Exemption from Certain Corporate Finance Requirements (“ASC 51-519”). The Company will be relying on this extension period due to delays experienced as result of the COVID-19 pandemic. The Company will be relying on the temporary exemption pursuant to ACS 51-519 in respect to the following provisions:

• the requirement to file audited financial statements for the year ended February 29, 2020 (the "Annual Financial Statements") within 120 days of the Company’s financial year end as required by section 4.2(b) of NI 51-102;
• the requirement to file interim financial statements for the three-month period ended May 31, 2020 (the "Interim Financial Statements") within 60 days of the Company’s first quarter as required by section 4.4(b) of NI 51-102
• the requirement to file management discussion and analysis (the "Annual MD&A") for the period covered by the Annual Financial Statements within 120 days of the Company’s financial year end as required by section 5.1(2) of NI 51-102;
• the requirement to file management discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of the Company’s first quarter as required by section 5.1(2) of NI 51-102;
• the requirement to file certifications of the Annual Financial Statements (the "Certificates" and together with the Annual Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109; and
• the requirement to file certifications of the Interim Financial Statements (the "Certificates" and together with the Interim Financial Statements, the "Interim Filings") pursuant to section 5.1 of National Instrument 52-109.

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For further information, please contact:

Personas Social Incorporated

Mark Itwaru                                                                                                                      

Chairman & Chief Executive Officer                                                                                        

416-639-5335                                                                                                                    

    

Forward Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect", "plan", "intend", "anticipates", "projects", "potential" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Forward-looking statements are statements that are not historical facts. 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 Company’s expectations are risks detailed from time to time in the filings made by the Company 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 Company 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.