Peak Positioning Technologies (
CSE: PKK,
Forum) continued to build its revenue base when the company announced today that its Chinese subsidiary, Asia Synergy Technologies (“AST”), and Guangda International Construction Engineering Corporation (“GICE”) have entered into a purchase order agreement worth RMB2 billion (approx. CAD$385.0 million) over an 18-month period.
According to the
news release, GICE is the parent company of Guangda Industrial Company with whom AST announced a similar agreement worth approximately CAD$190.0 million on July 5, 2016.
GICE is part of the Shenzhen Airport Civil Aviation Holdings Group and is an importer/exporter and distributor of various materials including chemical and non-chemical based raw materials, ferrous and nonferrous metals, textile materials and other commodities, catering to China’s aviation industry.
The agreement calls for GICE to purchase RMB2 billion worth of nonferrous metals and chemical products from AST between July 2016 and December 2017 at a price agreed upon by both parties based on prevailing market conditions at the time of the transactions.
This new purchase order brings the total purchase order commitments made to AST over the next 18 months to approximately CAD$575.0 million.
Peak Position Technologies was in the news recently when
the Montreal, Quebec-based company announced the commencement of beta testing of the Gold River Platform three days ago.
Shares were up 5.88% to $0.09 per share.
Currently there are 194.11m outstanding shares with a market cap of $16.50 million.
FULL DISCLOSURE: Peak Positioning Technologies is a Stockhouse Publishing client.