MONTREAL, QC / ACCESSWIRE / May 31, 2016 / Peak Positioning Technologies Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Peak" or the "Company") today announced that its strategic partnership with Mr. Jiang Wang, Chairman of the Chinese conglomerate Zhonghai Wanyue Group (http://www.zhonghaiwanyue.cn), has now been formalized with the transfer of a total of CAD$3.98M from Mr. Wang to Peak.
The transfer of funds from Mr. Wang to Peak closes a non-brokered private placement financing whereby Mr. Wang and his group acquired 199 million units of Peak at a price of CAD$0.02 per unit for gross proceeds of CAD$3.98M (the "Private Placement"). Each unit sold as part of the Private Placement consists of one (1) common share and one (1) common share purchase warrant. Each common share purchase warrant entitles its holder to purchase one common share of Peak, at the price of CAD$0.05, for a twenty-four (24) month period following the closing date. As a result of the closing of the Private Placement, Mr. Wang and his group now collectively own approximately 51% of Peak's issued and outstanding common shares. The closing of the Private Placement was the last remaining element to cement the strategic partnership between the Zhonghai Wanyue Group and Peak.
The securities issued pursuant to the Private Placement are subject to a hold period expiring four (4) months and one day from the date of closing.
"I want to thank my fellow Peak shareholders for their patience because closing this transaction took much longer than any of us expected. The transaction with Peak was unfortunately affected by other transactions that I had committed to prior to my partnership agreement with Peak, and by newly passed regulations affecting large segments of the Chinese financial services industry", commented Mr. Wang. "I want to personally thank Peak's management for their professionalism and understanding throughout this process. We all learned quite a bit about each other during that time, which will undoubtedly serve us in the future. I'm very excited that we are now officially partners with Peak and look forward to working with Peak management to build a bridge of opportunities between China and Canada to the benefit of Peak shareholders in Asia and North America," Mr. Wang went on to say.
"This partnership is without a doubt the most important milestone in our company's brief history," commented Johnson Joseph, President and CEO of Peak. "We've been talking for a while now about giving our shareholders access to some of the best opportunities in some of China's hottest tech sectors. We now have a partner that not only shares our vision, but has the experience, track record and resources to help make it happen. This definitely marks a new and exciting era for Peak and all of its stakeholders", concluded Mr. Joseph.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of high-growth-potential companies and assets in some of the fastest growing tech sectors in China, including Fintech, e-commerce and cloud-computing. Peak provides its shareholders with exceptional growth potential by giving them access to the fastest growing sectors of the world's fastest growing economy. For more information: http://www.peakpositioning.com
Contact information:
Cathy Hume
CEO
CHF Investor Relations
Phone: 416-868-1079 ext.: 231
Email: [email protected]
Or
Carl Desjardins
Managing Partner
Paradox Public Relations Inc.
Phone: 514-341-0408
Email: [email protected]
Or
Johnson Joseph
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Email: [email protected]
SOURCE: Peak Positioning Technologies Inc.