MONTREAL, QUEBEC – (NEWSFILE – May 25, 2018) – Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced its financial results and reviewed highlights for the first quarter ended March 31, 2018. All amounts expressed are in Canadian dollars.
- Total Revenues of $5,147
- $250,000 in private placement financing
- Elimination of $1M worth of debt through surrender of 8% secured debentures to exercise common share purchase warrants
- Net loss of $1.06M
- Creation of new holding subsidiary in China to be direct parent company of ASFC
- Setup of ASFC offices in anticipation of creation of the company
- Arrival of new CFO
About First Quarter Financial Results Summary:
The first quarter of 2018 is expected to be the last quarter during which only one of the Company’s subsidiaries was active. After having temporarily suspended activities on the Gold River product procurement and financing platform, managed by Asia Synergy Technologies (“AST”), until the arrival of Asia Synergy Financial Capital (“ASFC”), the Company’s Asia Synergy Data Solutions (“ASDS”) subsidiary launched pilot versions of a series of financial services in the second half of 2017 in anticipation of the eventual arrival of ASFC. Interest revenue earned by ASDS related to those pilot service offerings, including the GoldLegal™ service, which amounted to three months’ worth of interest and fees for the services sold, accounted for all of the Company’s revenue during the quarter. With the arrival of ASFC, those services, along with new services related to the Company’s Cubeler platform, are expected to be offered on a large-scale basis, and activity to resume on the Gold River platform. This means that all three of the Company’s operational subsidiaries are expected to make contributions to its revenue numbers in the quarters to follow.
In summary, the Company generated revenues of $5,147 for the quarter ended March 31, 2018 compared to $7.3M for the same period in 2017. Expenses for the quarter amounted to $1,060,915, compared to $8,010,814 for the same period in 2017. The decrease in expenses is mainly due to the fact that no cost of the materials was incurred to generate revenue during the quarter.
The net loss for the the three-month period ending March 31, 2018 was $1,055,768 compared to $661,123 for the same period of 2017.
Full details of the Company’s 2018 financial results can be found in the Interim Unaudited Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) for the three-month periods ended March 31, 2018 and 2017, 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 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
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.