Montreal, Quebec--(Newsfile Corp. - June 14, 2018) - Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today announced that its Chinese operating subsidiary Asia Synergy Data Solutions ("ASDS"), which manages the Company's Cubeler commercial lending platform, signed an agreement with Hua Xin Lending Company ("Hua Xin"), a subsidiary of conglomerate Wuxi Venture Capital Group Ltd. (www.wxvcg.com), to have Hua Xin become a registered lender on the Cubeler platform.
Hua Xin provides financial services, primarily in the form of accounts receivable financing, to businesses who sell products and services to companies affiliated with the Wuxi Industry Development Group Ltd. (www.wxidg.com), which happens to be the parent company of the Wuxi Venture Capital Group. Product and service suppliers of the aforementioned affiliated companies regularly have their receivables financed by Hua Xin to meet their immediate cash needs. Under the terms of the agreement between Hua Xin and ASDS, Hua Xin will ask those suppliers to register on Cubeler so that data about their receivables can be made available on Cubeler, which will help automate and expedite the lending process to the benefit of both Hua Xin and the suppliers. Hua Xin currently finances about 600M RMB (approximately $120M CAD) per year in receivables and can be expected to eventually take advantage of more financing opportunities to increase that amount by being registered on Cubeler.
Grant of Incentive Stock Options
Peak also today announced that on June 5, 2018 the Company granted a total of 7,275,000 options to purchase common shares of the Company to certain directors, officers and consultants. The options have a strike price of $0.05, will vest over a period of two years and will expire on June 5, 2023.
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.