MONTREAL, QC / ACCESSWIRE / August 26, 2016 / Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today announced its financial results for the three-month and six-month periods ended June 30, 2016.
Financial Results Summary:
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No revenues generated during the period
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Elimination of approximately $400,000 of debt through the issuance of shares
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Approximately $300,000 of cash inflow as a result of the exercise of common share purchase warrants
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Total expenses of $818,170
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Net loss of $815,534
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Closing of a CAD$4M private placement financing related to the strategic partnership transaction between the Company Mr. Jiang Wang and his associates
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Establishment of an operating subsidiary (Asia Synergy Technologies Ltd.) in mainland China
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Issuance of approximately 10.6M shares as a result of the exercise of common share purchase warrants, and 7.9M shares as a result of the exercise of the conversion feature of secured convertible debentures
About Second Quarter Financial Results Summary:
The Company generated no revenues in the second quarter ended June 30, 2016 compared to $16,280 for June 30, 2015. On a cumulative basis, after six months of operations ending June 30, 2016, no revenues were generated compared to $36,400 for the same period last year.
Expenses for the second quarter amounted to $509,028 compared to $344,261 for the same period of 2015. The variation is mainly due to the loss on extinguishment of convertible debentures and an increase in public relations expenses, which was partially offset by a decrease in finance costs and professional fees. On a cumulative basis the expenses for the six-month period ended June 30, 2016 totaled $818,170 compared to $580,166 for the same period of 2015.
The net loss for the three-month and six-month periods ending June 30, 2016 was $506,392 (June 30, 2015: $327,981) and $815,534 (June 30, 2015: $543,766) respectively.
Full details of the Company's second quarter 2016 financial results can be found in the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month and six-month periods ended June 30, 2016 and 2015, which are available at www.sedar.com.
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.