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Peak Provides Update on LongKey Acquisition and $500K Private Placement

Friday, 31 October 2014 08:01 AM

Peak Positioning Technologies Inc.

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Montreal, QB / ACCESSWIRE / October 31, 2014 / Peak Positioning Technologies Inc. (TSXV: PKK) (PINKSHEETS: PKKFF) ("Peak" or the "Company") today provided the following updates with respect to the Company's pending acquisition of LongKey Hong Kong Limited ("LongKey"), and its related CAD$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 5 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 ("ICBC"), 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 by clicking here (http://peakpositioning.com/wp-content/uploads/2014/10/PKK-Exec-Summary-LK-IFS-November-2014-PRV01.pdf). 

Private Placement

The Company is continuing to work toward the completion of its previously announced CAD$500,000 non-brokered private placement, part of the proceeds of which will go toward fulfilling its pre-acquisition 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 Mr. Johnson Joseph, President and CEO of Peak.

Changes to Board of Directors

In anticipation for planned changes to its Board of Directors, Peak also announced that on October 16, 2014, Mr. 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.

About Peak Positioning Technologies Inc.:

Peak Positioning Technologies Inc. ("Peak"), (TSXV: PKK) (PINKSHEETS: PKKFF), is a management company whose wholly-owned subsidiary, Peak Positioning Corporation provides Web development services and develops mobile software platforms destined to mobile network operators worldwide. Peak aims to deliver value to its shareholders by assembling a portfolio of high-growth projects and companies in the mobile, e-Commerce, and cloud-computing spaces in North America and China. For more information: http://www.peakpositioning.com

Forward-Looking Statements / Information

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this news release.

For more information:

Jeanny So
Senior Account Manager
CHF Investor Relations
Phone: 416-868-1079 ext.: 225
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. 

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