Mr. Ryan Hardy reports

PERK LABS INC. ANNOUNCES DELAY IN FILING ANNUAL FINANCIAL RESULTS, APPLICATION FOR MANAGEMENT CEASE TRADE ORDER, AND EXTENSION OF PRIVATE PLACEMENT

As a result of delays to Perk Labs Inc.'s audit, the company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended Nov. 30, 2023 (the required filings), are not expected to be finalized by April 1, 2024, being the date that such filings are due under applicable Canadian securities law requirements.

The company has pro-actively applied for a voluntary management cease trade order (MCTO) with the British Columbia Securities Commission. The MCTO restricts the chief executive officer and chief financial officer of the company from all trading in securities of the company until such time as the required filings have been filed by the company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the company to trade in securities of the company.

The delay in the required filings is a result of complexities arising from the company's merger in 2023 and the subsequent change in auditors. The company is working diligently with the auditors to complete the audit of the Nov. 30, 2023, financial statements as quickly as possible and the company expects to file the required filings before May 31, 2024.

Until the company files the required filings, it will comply with the alternative information guidelines set out in National Policy 12-203, Management Cease Trade Orders. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release until such time as the required filings have been filed.

The company also announced a further extension of its previously announced non-brokered private placements of units and convertible debentures, for gross proceeds of up to $1-million, of which approximately $700,000 has been raised to date.

Units are offered at a price of one cent per unit. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of five cents per common share for a period of 24 months from the closing.

The convertible debentures are offered for a two-year term at an interest rate of 15 per cent and will be convertible into common shares of Perk Labs at a conversion price of five cents per share, subject to the terms and conditions set forth in the convertible debenture agreement.

The private placements of the units and the convertible debentures are expected to close on or before March 29, 2024. A finder's fee may be payable in connection with the private placements.

In connection with the private placements, the company may enter into debt settlement agreements with arm's-length creditors for the settlement of a total of up to approximately $250,000 debt in professional services provided by the creditors to the company.

Further details of the private placements are provided in the news release of the company dated Oct. 30, 2023.

About Perk Labs Inc.

Perk Labs, the owner of Getit Technologies Inc. and Perk Hero Software Inc., provides innovative mobile ordering and payment systems, allowing customers the ability to scan a QR (quick-response) code or NFC (near-field communication) sticker to order and pay for their purchases directly from their phone. Perk Labs specializes in providing a single unified payment interface for complex purchase environments -- environments that have multiple retailers processing an array of different transactions, including food and beverage purchases, merchandise sales, ticketing, registrations, donations, and even parking. Perk Labs provides a custom-branded solution that is ideal for multiretailer venues, such as stadiums and arenas, university and college campuses, conference centres, festivals, charity events, and hotels and resorts.

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