ANOTHER!!! Peak Subsidiary Signs CAD$190M
Peak Subsidiary Signs CAD$190M Purchase Order Agreement
C.PKK | July 5, 2016
MONTREAL, QC / ACCESSWIRE / July 5, 2016 / Peak Positioning Technologies Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Peak" or the "Company") today announced that its Chinese subsidiary, Asia Synergy Technologies Ltd. ("AST"), has entered into a purchase order agreement worth RMB1 billion (approximately CAD$193M) over an 18-month period with Shanghai-based Guangda Industrial Company Ltd. ("Guangda").
Guangda is a wholly-owned subsidiary of state-owned Guangda International Construction Engineering Corporation. The company primarily provides communications and electrical engineering services, and sells chemical and non-chemical based raw materials, ferrous and nonferrous metals, aviation equipment, and textile materials through a proprietary e-commerce platform (https://www.china-sczljy.com/). Under the terms of the agreement, Guangda will purchase RMB1 billion worth of non-ferrous metals and chemical products from AST between July 2016 and December 2017 at a price to be agreed to by the parties based on prevailing market conditions at the time of the transactions.
"This initial purchase order agreement is yet another very important milestone for Peak and is evidence of all of the hard work that our team in China has put in over the past several months," commented Johnson Joseph, President and CEO of Peak. "We'll be looking to build on this first agreement with similar types of agreements over the next few weeks and months," added Mr. Joseph.
The Company expects the first few transactions associated with today's announced agreement to be conducted offline. Guangda and AST will look to have the transactions related to their agreement transitioned over to the Gold River web-based platform as soon as it will be practical for them to do so.