05:01:02 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Peak Positioning Technologies Inc
Symbol PKK
Shares Issued 117,176,889
Close 2014-10-31 C$ 0.02
Market Cap C$ 2,343,538
Recent Sedar Documents

Peak target's IFS has near 400 manufacturers registered

2014-10-31 08:13 ET - News Release

Ms. Jeanny So reports

PEAK PROVIDES UPDATE ON LONGKEY ACQUISITION AND $500K PRIVATE PLACEMENT

Peak Positioning Technologies Inc. has provided the following updates with respect to the company's pending acquisition of LongKey Hong Kong Ltd. and its related $500,000 private placement offering.

LongKey acquisition

With e-commerce revolutionizing the retail industry in China, many Chinese small businesses and individual entrepreneurs are buying products directly from manufacturers to resell them at a profit on popular e-commerce sites such as Alibaba's Taobao, China's largest e-commerce marketplace with over five million registered merchants. With this in mind, LongKey's Internet Financial Services (IFS) initiative, developed and offered in collaboration with the Industrial and Commercial Bank of China, is quickly becoming its most prominent line of business.

There are almost 400 manufacturers and over 2,000 distributors currently registered and using the IFS platform, and revenues generated from the IFS offering are expected to soon surpass LongKey's revenues from all other sources combined. As such, details about the IFS offering and its impact on the company's financial projections will now figure prominently in Peak's upcoming information circular, its business plan, and all other relevant documents that Peak is continuing to work on in order to obtain final approval from the TSX Venture Exchange of its acquisition of LongKey. An executive summary presentation with information about the IFS offering and its revenue model can be downloaded at the company's website.

Private placement

The company is continuing to work toward the completion of its previously announced $500,000 non-brokered private placement, part of the proceeds of which will go toward fulfilling its preacquisition working capital contribution commitment to LongKey. "We've had some very positive feedback, particularly about LongKey's IFS offering, in our recent meetings with prospective investors and should be able to close the placement soon and move on to the next step of the acquisition process," said Johnson Joseph, president and chief executive officer of Peak.

Changes to board of directors

In anticipation for planned changes to its board of directors, Peak also announced that on Oct. 16, 2014, Robert Desbiens tendered his resignation as a director of the company to allow for the appointment of a new candidate. Mr. Desbiens will continue to be a shareholder and supporter of the company. Peak would like to take this opportunity to thank Mr. Desbiens for his time of service on the board and wish him the very best in his future endeavours.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.