Montreal, Quebec--(Newsfile Corp. - April 29, 2016) - Peak Positioning Technologies Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Peak" or the "Company") today announced that following a conference call earlier today between Zhonghai Wanyue Group Chairman, Mr. Jiang Wang, and the Company's management, that Mr. Wang has officially asked to be given until May 15 to send to Peak the balance of $3.44M remaining on their original $3.98M strategic investment partnership agreement.
Mr. Wang explained that he will need more time than originally anticipated to cash out and withdraw the necessary funds from his account due to recently passed regulations affecting certain sectors of the Chinese financial services industry. "Since the new regulations, certain transactions that typically were completed within 24 to 48 hours, for instance, having a cheque cleared, can now take up to two weeks to complete", commented Mr. Wang. "I realize that there are a number anxious Peak shareholders who have been waiting for quite a while now for this transaction to close, some of whom I met during my visit to Montreal a couple of weeks ago. I'd like to apologise to these shareholders and would like to re-assure them that it's simply a matter of time, and as simple as cashing a cheque, before the funds to be sent to Peak are made available for the transfer to be completed and the transaction closed", concluded Mr. Wang.
The time delay to complete the transaction requested by Mr. Wang also takes into consideration the Chinese Labour Day holiday, which this year takes place from April 30 to May 4.