Austin, Texas, December 4, 2015 – Perk.com Inc. (TSX: PER) (“Perk” or “the Company”), a leading cloud- based mobile rewards platform provider, today announced that it has closed the acquisition of Corona Labs Inc. (“Corona Labs”), an established platform for mobile app development. The Company previously announced the signing of a share purchase agreement to acquire Corona Labs on November 30, 2015.
Ted Hastings, CEO of Perk, stated: “We are pleased to close our previously announced acquisition of Corona and look forward to working with the Corona team as we integrate our rewards model and monetization solution into the Corona platform.”
Based in Palo Alto, 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™, 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.
Under the terms of the transaction Perk paid CAD $2.0 million (approx. $1.5 million) to Corona at the closing of the transaction and will pay an additional CAD $1.0 million (approx. USD $0.8 million) over the next 12 months.
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.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.