[November 30, 2015] |
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Perk.com Inc. Announces Proposed Acquisition of Corona Labs, a Leading Mobile App Development Platform
Perk.com Inc. (TSX: PER) ("Perk" or "the Company"), a
leading cloud-based mobile rewards platform provider, today announces it
has signed a share purchase agreement with Fuse Powered Inc. Pursuant to
the agreement it will acquire Corona Labs Inc. ("Corona Labs"), an
established platform for mobile app development. The transaction is
expected to be completed within the first two weeks of December, 2015,
subject to the satisfaction of customary closing conditions.
Based in Palo Alto (News - Alert), California, Corona Labs is an industry leading
mobile software company. Corona Labs' marquee product, is the
award-winning Corona SDK which allows developers to create
cross-platform applications, games and eBooks for iOS™, Android (News - Alert)™, Kindle
Fire®, and NOOK™. Boasting a community of over 300,000 developers
worldwide, apps created with Corona have been downloaded more than 60
million times within the last year alone and reach over 4 million users
daily.
Ted Hastings, CEO of Perk, stated: "Our vision for Perk was to prove
that a rewards platform could drive retention, engagement, monetization
and advertiser ROI. We started with the goal of establishing a large
audience across our owned and operated mobile and web properties and
have seen the results of our efforts in our growing user base, expanding
advertising inventory and solid financial performance over the last
year. After proving the model across our owned and operated properties,
the next step in our journey was to launch our Perk Platform to the
millions of apps and websites that are looking for improvements in the
key metrics our rewards engine powers. We saw initial success with our
25 launch customers and then searched for a strategic path to accelerate
the adoption of our rewards model that culminated with the acquisition
of SuperRewards and now Corona's mobile app development platform. Over
300,000 mobile app developers have selected the Corona development
platform, creating apps that have over 60 million downloads and generate
over a billion sessions per month. We can now integrate our rewards
model and monetization solution into the Corona platform to make it part
of the infrastructure from day one of a new app launch".
Walter Luh, Founder and Creator of Corona, commented: "We built Corona
with a vision to e the market leading cross platform mobile development
platform. Combining with Perk brings new investment for the platform
from an organization that started as mobile app developers and had first
hand experience with the power of the Corona platform in building its
own apps. We will be able to further our vision and provide our
developers with an out of the box monetization solution and rewards
program. Our team is excited about the partnership and believes the
shared interest of the two companies will quicken the process of us
reaching our long term goals."
Under the terms of the transaction Perk will pay CAD $2.0 million
(approx. $1.5 million) on closing of the transaction and will pay an
additional CAD $1.0 million (approx. USD $0.8 million) over the next 12
months. Corona employs 12 people in Palo Alto and Perk expects Corona to
be EBITDA positive by Q4 2016.
About Perk.com Inc.
As a leading mobile rewards platform, Perk brings together the interests
of consumers, advertisers, and publishers by offering consumers rewards
such as Perk Points and other digital goods. Perk Points can be redeemed
for gift cards, cash, or loaded on to Perk Plastik, a re-loadable
branded debit card. Perk works with brands and publishers to reach
consumers through truly engaging and innovative formats using rewards as
a way to achieve maximum engagement of their brands and products.
Perk currently owns and operates 15 mobile applications that allow
members to earn rewards such as Perk Points and digital goods. Perk also
operates numerous websites as well as AppTrailers, a leading mobile
video rewards app. In addition to offering rewards to members through
its own mobile applications and websites, Perk launched its Perk
Platform, Appsaholic, which allows mobile and desktop publishers to
utilize rewards to engage and entice users through the publisher's own
applications and websites. The Perk Platform was further expanded
through the acquisition of SuperRewards, a rewards and alternative
payments platform for publishers and developers .
Additional information about Perk can be found at its corporate website:
ir (News - Alert).perk.com.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains forward-looking statements, including with
respect to Perk's business, Perk's ability to grow its active consumer
base; the proposed used of proceeds with respect to the funds raised
from the private placement; user and advertiser engagement; Perk's
ability to establish new marketing partnerships; Perk's ability to
expand into new markets; and Perk's ability to acquire and integrate new
businesses and technologies. Such forward-looking statements reflect
Perk's expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties. These
statements include but are not limited to statements regarding the
intended terms of the offering and the closing of the offering. When
used herein, the words "anticipate, " "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as they
relate to Perk or its management, are intended to identify such
forward-looking statements. These forward-looking statements are based
on information currently available to Perk and are subject to a number
of risks, uncertainties, and other factors that could cause Perk actual
results, performance, prospects, and opportunities to differ materially
from those expressed in, or implied by, these forward-looking
statements, including, but not limited to: maintenance by Perk of
relationships with advertising network providers; maintenance by Perk of
its agreement with Yahoo!; successful development of the "Perk" brand;
Perk's ability to keep up with rapid technology developments in Perk's
markets; Perk's ability to avoid defects in products and services
delivered by Perk; Perk's ability to attract app and website developers
to its Appsaholic SDK; and Perk's ability to successfully enter new
business areas and geographic markets; success of new products developed
by Perk and Perk's ability to retain key members of its management team.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151130005531/en/
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