Montreal, Quebec--(Newsfile Corp. - May 13, 2016) - Peak Positioning Technologies Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Peak" or
the "Company") today announced that it has been advised by Zhonghai Wanyue Group Chairman, Mr. Jiang Wang, that it may take until
May 31 to free up the necessary funds to complete the transfer of the balance of $3.44M due to Peak on the original $3.98M
strategic investment partnership agreement between Peak and Mr. Wang.
"The cheque cashing industry in China has unfortunately been turned upside down since new regulations were passed earlier this
year", explained Mr. Wang. "Everyone, including some of the country's larger banks, is still adjusting to the new rules, making it
very difficult for the time being to cash larger cheques, which has put a premium on cash in the country. This has forced some of
the industry's smaller players out of business, which is good for us in the long run, but unfortunately has made getting this
transaction closed with Peak more complicated. I've now turned to alternative sources of liquidity and expect to be able to resolve
this issue shortly once and for all", Mr. Wang went on to say.
"We continue to be very supportive of Mr. Wang and his efforts to get the transaction closed as soon as possible", commented
Johnson Joseph, President and CEO of Peak. "We want our shareholders to know that despite the fund transfer delays, we have started
communicating directly with some of the Zhonghai Wanyue Group's subsidiaries to minimise the impact of the fund transfer delays on
Peak's revenues once the transaction closes. We understand that these delays are frustrating for everyone. Nevertheless, we think
that it's important for shareholders to know that we've worked very closely with Mr. Wang to ensure that these delays don't have a
significant impact on our projected 2016 revenues", concluded Mr. Joseph.
Peak will make an announcement about the completion of the transfer as soon as it happens. However in the event the process runs
until May 31, the Company will provide progress report updates on the process until it's completed.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. 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 Fintech,
e-commerce and cloud-computing. Peak provides its shareholders with exceptional growth potential by giving them access to the
fastest growing sectors of the world's fastest growing economy. For more information: http://www.peakpositioning.com
Contact 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
