Montreal, Quebec--(Newsfile Corp. - November 20, 2015) - Peak Positioning Technologies Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Peak" or the "Company") today announced its financial results for the three-month and nine-month periods ended September 30, 2015.
Summary of Financial Results:
- Impairment of goodwill of $350,000
- Gain on revaluation of contingent compensation payable of $230,000
- Total expenses and net loss of $$361,531 for the quarter
Summary of Operating Results:
- Debt reduction strategy resulted in an elimination of debt on the balance sheet for a total of $1.2M.
- Discussions with potential Chinese institutional investment partners led to the signing of letter of intent which would bring an investment of $4.0M
- Migration from the TSX Venture Exchange to the Canadian Securities Exchange
About Third Quarter Financial Results Summary
The Company suspended its web development and IT consulting related services to focus on its M&A activities and therefore generated no consulting revenues in the third quarter ended September 30, 2015 (September 30, 2014: $13,490). On a cumulative basis, after nine months of operations ending September 30, 2015, these revenues total $36,400 compared to $34,090 for the same period of 2014.
Expenses for the third quarter amounted to $361,531 compared to $281,314 for the same period of 2014. The variation is mainly due to an increase in finance costs, amortization of the technology platform, impairment of goodwill and a decrease in consulting fees, subcontracting and salaries. A gain on revaluation of contingent compensation reduced the expenses. On a cumulative basis the expenses for the nine-month period ended September 30, 2015 totaled $941,697 compared to $876,391 for the same period of 2014.
The net loss for the three-month and nine-month periods ending September 30, 2015 was $361,531 (September 30, 2014: $267,824) and $905,297 (September 30, 2014: $842,301) respectively.
Full details of the Company's third quarter 2015 financial results can be found in the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month and nine-month periods ended September 30, 2015 and 2014, which are available at www.sedar.com.
Continuing Debt Reduction Initiative
The Company also today announced that, as part of its ongoing debt reduction initiative, it has issued 4,599,000 common shares to creditors at a deemed price of $0.05 per share to settle a total of $229,950 due to the creditors.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (CSE: 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 Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Neither the Canadian Securities Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the Canadian Securities 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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