MONTREAL, QUEBEC – (NEWSFILE – August 22, 2019) – Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced that its Asia Synergy Data Solutions (“ASDS”) subsidiary recently created a new joint venture company with Jiangsu Zhongpu Financial Outsourcing Service Ltd. (“ZFOS”) to provide financial services to ZFOS clients and other supply-chain participants, primarily by helping them qualify for loans and financing at reasonable rates.
Based in the city of Jiangyin, considered to be Jiangsu province’s manufacturing capital with over 20,000 small factories, ZFOS has been servicing over 1,000 business clients for over 18 years, including providing warehousing, logistics and other supply-chain-related services to over 200 of them operating in a variety of industries. In addition to paying for the services offered by ZFOS, clients pay ZFOS an annual membership fee to be able to reserve services such as warehousing and transportation. The joint venture company, created in June 2019 and named Asia Synergy Supply Chain (“ASSC”), uses the Company’s Cubeler Lending Hub platform to collect and analyze operational and transactional data from ZFOS clients. The platform then generates a series of financial reports to help qualify the clients for loans and financing either from ZFOS or from other partnering financial institutions. In addition to the fees charged for the financial reports, ASSC will also charge lenders a service fee representing a percentage of the value of the transactions facilitated through the program. ASSC plans to eventually extend the service to non-ZFOS clients.
“We have been looking for a way to better meet our clients’ financing needs for some time now”, commented Mr. Haiqing Li, ZFOS’ General Manager. “We believe we will be able to do that now with the creation of ASSC and by leveraging our long-standing relationships with more than a dozen banks in Jiangsu province. We have an established client base with recurring demands for funding now paired with a technology platform able to rapidly qualify clients, mitigate lending risk and attract banks and other lenders to join our program. This joint venture truly is a win-win for both ZFOS and ASDS”, concluded Mr. Li.
Under the terms of the joint venture agreement, ZFOS transferred part of its supply-chain operations to ASSC while ASDS contributed a royalty-free license to the Cubeler Lending Hub platform to ASSC. ASDS owns a 51% controlling interest in ASSC and ZFOS owns the remaining 49%.
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
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|CHF Capital Markets||Peak Positioning Technologies Inc.||Twitter: @PeakPositioning|
|Cathy Hume, CEO||Johnson Joseph, President and CEO||Facebook: @peakpositioning|
|416-868-1079 ext.: 231||514-340-7775 ext.: 501||LinkedIn: Peak Positioning|
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