Peak Positioning Technologies (
CSE: PKK, Forum) significantly advanced its mandate when the company announced today that its Chinese subsidiary, Asia Synergy Technologies (“AST”), has processed the first order related to its recently announced purchase order agreements worth an approximate $575.0 million over an 18-month period.
According to the
news release, the order came from Hangzhou Hanggu Trading Ltd. as part of AST’s agreement with Guangda Industrial Company Ltd. and was for 270 tons of electrolytic copper, for which HHT will pay AST RMB10M (approximately CAD$1.96M). "And with that transaction, we're officially in business!" declared Liang Qiu, CEO of AST.
The transaction was conducted offline while AST waits to obtain its Internet Content Provider (ICP) license to get its Gold River platform up and running.
Company President & CEO, Johnson Joseph, commented, “Needless to say we'd like to get to processing these orders online as soon as possible, but this nonetheless marks a significant step in the right direction for our group. We're very proud of all of the work that was put in that led to this very important milestone.”
He went on, “Our team here in Montreal, the AST team in Shanghai, our legal counsels and other professionals in Montreal, Hong Kong and Shanghai, as well as our partners at the Zhonghai Wanyue Group all made significant contributions to the cause.”
Then he concluded, “It took a lot of coordination and cooperation from everyone involved to get the corporate structure in place and meet all of the requirements to be able to conduct our first official transaction in China.”
Peak Positioning Technologies was in the news recently when
the Montreal-based company provided an updated presentation detailing its Chinese operations revenue.
Shares were up 14.29% to $0.08 per share.
Currently there are 406.43m outstanding shares with a market cap of $28.45 million.
FULL DISCLOSURE: Peak Positioning Technologies is a Stockhouse Publishing client.