EX-99.1
3
f8k013119ex99-1_peerstream.htm
PRESS RELEASE OF PEERSTREAM, INC., DATED FEBRUARY 4, 2019 (FURNISHED PURSUANT TO ITEM 7.01)
Exhibit 99.1
PeerStream
Completes Sale of Non-Core Dating Assets to Continue Focus on
Video
Communications Applications and Blockchain Initiatives
New
York, February 4, 2019 -- PeerStream, Inc. ("PeerStream", the "Company", "we,"
"our" or "us") (OTCQB: PEER), a global internet solutions provider driving adoption of emerging
blockchain technologies, today announced that it has completed a sale of its non-core dating assets to The Dating Company
LLC, a private U.S.-based company. The dating assets consist principally of the FirstMet dating service, which was founded in
2007 and has accumulated a sizable user base by leveraging viral user acquisition campaigns through Facebook, as well as two
smaller apps, 50More and The Grade.
Alex
Harrington, CEO of PeerStream, commented, "PeerStream has a 20-year history of technology innovation, which we are leveraging
to pursue high growth opportunities in live video applications and blockchain business solutions. As we shifted our corporate
strategy it became clear that the dating assets were non-core and suffered from lack of management attention, resulting in underperformance
in 2018, including a significant revenue decline and negative cash flow. We believe that this divestiture will streamline the
business and add more capital to our already strong balance sheet. Most importantly, this deal allows management to fully focus
on areas where we believe we can be most competitive - building and operating live video applications and technologies using
emerging technologies like blockchain, and supporting enterprise adoption of blockchain solutions".
About
PeerStream, Inc. (OTCQB: PEER)
PeerStream
is a global internet solutions provider pioneering the real-world adoption of emerging blockchain technologies by developing software,
services and applications for corporate clients and consumers. The Company's Business Solutions group is able to provide
advisory and implementation services to enterprise clients to help them meet strategic objectives using blockchain technology.
PeerStream also will be supporting clients' transition to blockchain through license of proprietary software such as PeerStream
Protocol ("PSP"), a protocol for decentralized multimedia communications and live video streaming currently in development.
For nearly twenty years, the Company has built and continues to operate innovative consumer apps, including
Paltalk
,
one of the largest live video social communities, and
Backchannel
, a blockchain-based secure video messaging app launched
in private beta form in December 2018. PeerStream has a long history of technology innovation and holds 26 patents.
For
more information, please visit:
http://www.peerstream.com
.
To
be added to our news distribution list, please visit:
http://www.peerstream.com/investor-alerts/
.
Forward-Looking
Statements
This
press release contains "forward-looking statements." Such statements may be preceded by the words "intends,"
"may", "will", "plans", "expects", "anticipates", "projects", "predicts,"
"estimates", "aims", "believes", "hopes", "potential", or similar words. Forward-looking
statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently,
actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties
include, without limitation, risks and uncertainties related to our increasing focus on the use of new and novel technologies,
such as blockchain, to enhance our applications, and our ability to timely complete development of applications using new technologies;
our ability to effectively market and generate revenue from our new business solutions unit; development and acceptance of blockchain
technologies and the continuing growth of the blockchain industry; legal and regulatory requirements related to the use of blockchain,
us investing in cryptocurrencies and accepting cryptocurrencies as a method of payment for our services, the use of the internet
and privacy and protection of user data; risks related to our holdings of XPX tokens, including risks related to the volatility
of the trading price of the XPX tokens and our ability to convert XPX tokens into fiat currency; and our ability to manage our
partnerships and strategic alliances, including the ability of our partners to satisfy their obligations under these arrangements.
More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements
is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most
recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents
free of charge on the SEC's website at http://www.sec.gov.
All
forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any
forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except
to the extent required by applicable securities laws.
Contacts
IR@peerstream.com
Kirin
Smith / Stephanie Prince
PCG
Advisory Group
ksmith@pcgadvisory.com
646-863-6519

EX - 99 . 1 3 f8k013119ex99 - 1 _ peerstream . htm PRESS RELEASE OF PEERSTREAM , INC . , DATED FEBRUARY 4 , 2019 ( FURNISHED PURSUANT TO ITEM 7 . 01 ) Exhibit 99 . 1 PeerStream Completes Sale of Non - Core Dating Assets to Continue Focus on Video Communications Applications and Blockchain Initiatives New York , February 4 , 2019 -- PeerStream , Inc . ( " PeerStream " , the " Company " , " we , " " our " or " us " ) ( OTCQB : PEER ) , a global internet solutions provider driving adoption of emerging blockchain technologies , today announced that it has completed a sale of its non - core dating assets to The Dating Company LLC , a private U . S . - based company . The dating assets consist principally of the FirstMet dating service , which was founded in 2007 and has accumulated a sizable user base by leveraging viral user acquisition campaigns through Facebook , as well as two smaller apps , 50More and The Grade . Alex Harrington , CEO of PeerStream , commented , " PeerStream has a 20 - year history of technology innovation , which we are leveraging to pursue high growth opportunities in live video applications and blockchain business solutions . As we shifted our corporate strategy it became clear that the dating assets were non - core and suffered from lack of management attention , resulting in underperformance in 2018 , including a significant revenue decline and negative cash flow . We believe that this divestiture will streamline the business and add more capital to our already strong balance sheet . Most importantly , this deal allows management to fully focus on areas where we believe we can be most competitive - building and operating live video applications and technologies using emerging technologies like blockchain , and supporting enterprise adoption of blockchain solutions " . About PeerStream , Inc . ( OTCQB : PEER ) PeerStream is a global internet solutions provider pioneering the real - world adoption of emerging blockchain technologies by developing software , services and applications for corporate clients and consumers . The Company 's Business Solutions group is able to provide advisory and implementation services to enterprise clients to help them meet strategic objectives using blockchain technology . PeerStream also will be supporting clients ' transition to blockchain through license of proprietary software such as PeerStream Protocol ( " PSP " ) , a protocol for decentralized multimedia communications and live video streaming currently in development . For nearly twenty years , the Company has built and continues to operate innovative consumer apps , including Paltalk , one of the largest live video social communities , and Backchannel , a blockchain - based secure video messaging app launched in private beta form in December 2018 . PeerStream has a long history of technology innovation and holds 26 patents . For more information , please visit : http://www.peerstream.com . To be added to our news distribution list , please visit : http://www.peerstream.com/investor-alerts/ . Forward - Looking Statements This press release contains " forward - looking statements . " Such statements may be preceded by the words " intends , " " may " , " will " , " plans " , " expects " , " anticipates " , " projects " , " predicts , " " estimates " , " aims " , " believes " , " hopes " , " potential " , or similar words . Forward - looking statements are not guarantees of future performance , are based on certain assumptions and are subject to various known and unknown risks and uncertainties , many of which are beyond the Company 's control , and can not be predicted or quantified and consequently , actual results may differ materially from those expressed or implied by such forward - looking statements . Such risks and uncertainties include , without limitation , risks and uncertainties related to our increasing focus on the use of new and novel technologies , such as blockchain , to enhance our applications , and our ability to timely complete development of applications using new technologies ; our ability to effectively market and generate revenue from our new business solutions unit ; development and acceptance of blockchain technologies and the continuing growth of the blockchain industry ; legal and regulatory requirements related to the use of blockchain , us investing in cryptocurrencies and accepting cryptocurrencies as a method of payment for our services , the use of the internet and privacy and protection of user data ; risks related to our holdings of XPX tokens , including risks related to the volatility of the trading price of the XPX tokens and our ability to convert XPX tokens into fiat currency ; and our ability to manage our partnerships and strategic alliances , including the ability of our partners to satisfy their obligations under these arrangements . More detailed information about the Company and the risk factors that may affect the realization of forward - looking statements is set forth in the Company 's filings with the Securities and Exchange Commission ( " SEC " ) , including the Company 's most recent Annual Report on Form 10 - K and Quarterly Reports on Form 10 - Q . Investors and security holders are urged to read these documents free of charge on the SEC 's website at http://www.sec.gov . All forward - looking statements speak only as of the date on which they are made . The Company undertakes no obligation to update any forward - looking statement or statements to reflect events or circumstances after the date on which such statement was made , except to the extent required by applicable securities laws . Contacts IR@peerstream.com Kirin Smith / Stephanie Prince PCG Advisory Group ksmith@pcgadvisory.com 646 - 863 - 6519
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