[ACCESSWIRE]
MONTREAL, QC / ACCESSWIRE / January 16, 2017 / Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today provided the following update on its operations and outlook for 2017.
Peak began to show its revenue potential in the latter part of Q3 2016 when Asia Synergy Technologies ("AST"), Peak's Chinese operating subsidiary, conducted its first transactions. That momentum carried over through to the end of Q4 with more transactions and the addition of new clients to the Gold River materials trading and financial services platform during the quarter. The details of the impact of those transactions and new clients on AST's revenues and profits for the quarter will be provided in the Company's year-end 2016 audited financial statements as prescribed by securities legislation for financial disclosure.
AST continues to successfully market and position Gold River as a platform that gives companies in the commodities trading industry access to credit and financing solutions to help them manage their cash flow issues. As financing-related revenues are expected to represent an increasingly larger percentage of AST's total revenues, a lot of emphasis was placed in Q4 on ensuring that Gold River's financing features would be available to platform clients. To that end, AST financial partner, the Zhonghai Wanyue Group ("ZHWY"), is expected to soon finalize a US$120M to US$150M fund dedicated entirely to the financing of transactions conducted on Gold River. All client requests for PO financing and receivables factoring placed on Gold River are referred to ZHWY, which processes the requests and decides whether to approve or decline the credit applications. AST receives a referral fee from ZHWY for all approved applications, which can equal up to 5% of the value of the transactions.
"The Gold River platform is just one way to tap into the tremendous opportunity in the Chinese credit market", commented Johnson Joseph, President and CEO of Peak. "The platform caters to businesses involved in the buying and selling of certain commodities. However there are literally millions of other Chinese businesses facing the same or even tougher credit challenges. I've said it before but it bears repeating, credit is very hard to come by in China. And anyone able to find a way to make credit more accessible to Chinese businesses will truly be on to something special. That's the opportunity we see in the Chinese Fintech (financial technology) space. Bringing a product to China able to make it easier for all of China's 50M+ SMEs to obtain some form of credit is what we're actively working on to complement what AST is already doing with Gold River. I think it's important that our shareholders understand that", concluded Mr. Joseph.
Peak has had discussions over the past six months with a number of international Fintech companies with solutions that the Company and its Chinese partners believe could potential have a significant impact on the Chinese credit market. Talks with one company in particular, that Peak and its partners believe would have an ideal solution for China, have advanced to the point where the Company believes that an agreement may be reached with that company prior to the end of the first quarter of 2017.
If successful in its efforts to reach an agreement with a strategic partner to introduce a new Fintech solution to the Chinese credit space, the Company will accordingly revise its revenue and profit guidance for 2017 and beyond.
Term Extension of Convertible Debenture
Peak today also announced the extension of a $128,000 debenture with a 10% annual interest rate that was set to mature on January 1, 2017. The debenture will now mature on April 3, 2017. Under the terms of the extension, agreed to on December 31, 2016, the debenture kept the same annual interest rate of 10% and the same conversion feature that allows for the principal amount to be converted into Peak common shares at any time prior to maturity at the price of $0.05 per share.
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
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.
Contact information:
Cathy Hume
CEO
CHF Investor Relations
Phone: 416-868-1079 ext.: 231
Email: [email protected]
Or
Henry Wong
Account Executive
NAI Interactive Ltd.
Phone: 604-488-8878
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.
