Montreal, Quebec--(Newsfile Corp. - September 8, 2015) - Peak Positioning Technologies Inc. (TSXV: PKK) (OTC Pink: PKKFF) ("Peak" or the "Company") today announced that it has reached an agreement to settled $934,832 worth of debt with Quick Technologies LLC ("Quick Tech") related to the Company's acquisition of the assets of the Quickable.com marketplace. Under the terms of the debt settlement agreement, Peak will issue 4,000,000 Peak common shares to Quick Tech at a deemed price of $0.05 per share.
The debt settlement agreement reached between Peak and Quick Tech removes all past, present and future liabilities related to the Quickable.com assets from Peak's books, and means that Peak will no longer be required to share future revenues generated by the assets with Quick Tech.
Peak and Quick Tech also entered into a consulting agreement whereby Quick Tech will provide commercialization support for the Quickable.com assets in exchange for 1,500,000 stock options to purchase Peak common shares at a price of $0.05 per share. Of the 1,500,000 stock options, 500,000 were due at the signing of the consulting agreement, while the remaining 1,000,000 will be issued to Quick Tech following the acquisition of LongKey Hong Kong Limited ("LongKey") by Peak. All of the stock options granted to Quick Tech under the terms of the consulting agreement will vest thirty (30) days following the day they are granted and will be exercisable over a five (5) year period from the date on which they were granted.
Update on LongKey Acquisition
Peak and LongKey are continuing to work diligently on the remaining elements required to obtain approval for the proposed transaction that will see Peak acquire a controlling majority stake in LongKey. "We realise that it's taking longer than most of us anticipated for this transaction to close, but we're navigating through the process and are getting closer to our goal with each passing day", commented Johnson Joseph, President and CEO of Peak. "We've been working very hard on the Company's balance sheet so that our consolidated pro-forma balance sheet, which is one of the required elements to obtain approval for the transaction, will present an attractive investment opportunity to both existing and future investors. With the debt settlement agreement signed with Quick Tech, we managed to remove close to $1 million in liabilities from our books. A move that has been very well received by the Company's core long-term investors, who have continued to express their support for the transaction", continued Mr. Joseph.
Peak's management also pointed out that the recent global capital markets volatility has not had an impact on the Company's transaction with LongKey. "Both Peak and LongKey are more committed than ever to close this transaction as soon as possible, and the delays we've encountered have nothing to do with what's been happening in the markets, whether in China or anywhere else", said Mr. Joseph. "We'd like to remind all of our stakeholders that this is complex transaction involving not just two, but three companies, Peak, LongKey and LongKey's Mainland-China operating subsidiary, LongKey Software. This adds a layer of complexity to all of the elements that would normally be required for a similar transaction involving just two Canadian or North American companies. We have a clear understanding of what's required for the transaction to close and we're checking off boxes on our 'to do list' everyday in order to get there", concluded Mr. Joseph.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSXV: PKK) (OTC Pink: PKKFF), is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of high-growth-potential companies and assets in some of the fastest growing tech sectors in China, including e-commerce, cloud-computing and mobile development. Peak provides its shareholders access to the world's fastest growing economy by giving them the opportunity to participate in these high-growth sectors in partnership with some of the sectors' most reputable and high profile institutions. For more information: http://www.peakpositioning.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this news release.
For more information:
Cathy Hume
CEO
CHF Investor Relations
Phone: 416-868-1079 ext.: 231
Email: cathy@chfir.com
Or
Carl Desjardins
Managing Partner
Paradox Public Relations Inc.
Phone: 514-341-0408
Email: carldesjardins@paradox-pr.ca
Or
Johnson Joseph
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Email: investors@peakpositioning.com
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