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PeerStream (OTC:PEER) sells non-core dating assets

Tony Zerucha

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PeerStream (OTC:PEER), a global internet solutions provider driving adoption of emerging blockchain technologies, this week 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 user base by leveraging viral user acquisition campaigns through Facebook, as well as two smaller apps, 50More and The Grade.

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,” CEO Alex Harrington said. “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.”

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Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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