Personas Provides Update on Q1 Filings

Toronto, Ontario–(Newsfile Corp. – August 22, 2022) – Personas Social Incorporated (TSXV: PRSN) (the “Company“) announces that the Company has filed its 2022 Quarter 1 financial statements with SEDAR.

The Company is proud to announce that Q1 2022 represents its first profitable quarter ever. Although profits were slight at $2,283, they do represent a significant change in the tangent of the Company. Throughout 2021 the Company had engaged in corporate restructuring efforts in a drive towards profitability. The Company’s objective was to fund growth by generating free cashflow to spend towards sales growth initiatives. The Company achieved its goal in that it has been able to fund marketing efforts resulting in net positive income. Management will release its Q2 numbers in the upcoming weeks and expects its Q2 numbers to reflect its continuing growth.

Extraordinary Items

There was one extraordinary item affecting the Company’s balance sheet in Q1; losses due to foreign exchange. Losses due to foreign exchange were $141,387. This was predominantly as a result of accounting cleanup from prior years. Losses due to foreign exchange are expected to be significantly lower in Q2.

For further information, please contact:

Personas Social Incorporated
Mark Itwaru
Chairman & Chief Executive Officer
647.789.0074
Mark Itwaru mark@personas.com

Forward-Looking Statements

This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Filings. 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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134488