MONTREAL, QUEBEC – (NEWSFILE – March 29, 2018) – Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced that the Company and senior executives from Jiu Dong Ltd. (“Jiu Dong”), its Chinese partners in the creation of Asia Synergy Financial Capital (“ASFC”), have been advised by the Wuxi Municipal Financial Affairs Office (“WMFAO”) to prepare to transfer 100M RMB to a specific trust account for the purpose of validating that ASFC will meet the minimum financial requirements to operate as a licensed financial services company.
Earlier this week, Peak began the process to transfer funds from its Hong Kong based holding subsidiary to its recently established Wuxi based holding subsidiary, which will then transfer Peak’s 51M RMB (approximately $10.2M CAD) contribution to the trust account. Jiu Dong’s senior executives will collectively transfer 49M RMB (approximately $9.8M CAD) to the account to make up the required 100M RMB.
As per the WMFAO’s instructions, the funds are to remain in the trust account until ASFC is registered and opens its own bank account, at which point the funds will then be transferred to ASFC’s bank account so that it may begin its operations.
Peak and its partners have been advised by the WMFAO that if the required funds are received in the trust account within the prescribed delay provided by the WMFAO, ASFC can expect to be registered and conduct its first transactions by the end of April 2018. Peak plans to provide an update to that effect as soon as the transfer of the 100M RMB to the trust account has been completed and to make a formal announcement shortly thereafter on the official arrival of ASFC.
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 promising companies and assets in some of the fastest-growing tech sectors in China, including fintech, e-commerce and cloud-computing. Peak provides a bridge for North American investors who wish to participate in the continued digitization of China’s industrial sectors through the latest advancements in technology. For more information: http://www.peakpositioning.com
CHF Capital Markets
Phone: 416-868-1079 ext.: 231
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
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