Montreal, Quebec--(Newsfile Corp. - August 28, 2017) - Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company")
today announced that its subsidiary, Asia Synergy Data Solutions ("ASDS"), has teamed up with Zhong Yin Law Firm ("Zhong Yin") to
launch a new service for lenders aimed at reducing the risk of making commercial loans in China. The new service called Gold Legal
is similar to an insurance policy made available exclusively to registered Cubeler platform lenders to protect them against
potential loan defaults.
Consumer and commercial loan defaults have plagued the Chinese credit industry for some time. So much so that in 2016, the
government enacted tough new regulations with severe consequences for those who default on their credit reimbursement obligations.
With the new regulations, convicted offenders can either pay back what they owe, or they are placed on a "black list" and no longer
have access to many of the conveniences of everyday life. For example, among many other restrictions and limitations, anyone on the
black list is no longer eligible for credit of any kind, cannot travel out of the country, cannot travel by airplane or high-speed
train and their children cannot attend private schools and most highly-rated public schools. However, despite the tough new
regulations, little has changed in the credit industry since they came into effect. This is largely due to the fact that the legal
process for lenders to have someone actually placed on the black list is relatively long (12 to 18 months) and expensive ($20,000
on average), which has deterred many lenders from actually going through the process. It is against this backdrop that Gold Legal
was created.
The Gold Legal service provided at http://goldlegal.cubeler.cn is an all-inclusive legal service offering to Cubeler platform lenders. It
automates the process of producing a set of legal documents and contracts carefully-crafted by Zhong Yin to be executed between
lenders and borrows. The execution of those documents standardizes and expedites the litigation process in situations where
borrowers default on loans. This allows Zhong Yin to obtain a legal judgement against a defaulting borrower in 3 months or less and
for a fraction of the cost of a typical lawsuit involving a lender and a borrower.
Lenders pay ASDS a service fee of 150 RMB ($30) per loan per month for the duration of the loan for the Gold Legal service. In
the event of a reported loan default, ASDS sends 8,000 RMB ($1,600) to Zhong Yin on behalf of the lender to cover the cost of
litigation. All or part of that amount is refundable to ASDS following the litigation process if the defaulting borrower elects to
pay instead of being placed on the black list.
"We couldn't be happier with today's announcement," commented Liang Qiu, CEO of ASDS. "The pieces of the plan we're working on
to make commercial lending more efficient in China are really starting to come together nicely. Using financial data based
analytics to match the right lenders with the right businesses on Cubeler remains the foundation of the plan. But providing lenders
with this type of protection against potential loan defaults in partnership with the top financial law firm in the country was also
a very important part of that plan," concluded Mr. Qiu.
"We've been working with ASDS for several months to put this service together and have seen first-hand their efforts to address
some of the challenges faced by the commercial lending industry," said Mr. Han Hua Zhu, Partner at Zhong Yin. "We've very excited
about this opportunity and have no doubt that Gold Legal will have a lasting and positive impact on commercial lending in China,
and can potentially create a new standard for the industry," Mr. Zhu went on to say.
Immediately following the launch of the service, Cubeler platform lender Jiu Dong signed up and became the first lender to
subscribe to the Gold Legal service. All loans originating from Jiu Dong's Shanghai branch will now be GoldLegal™ compliant. The
other branches in Wuxi and Changzhou are expected to follow suit in the coming months. Jiu Dong makes an average of about 4,000
loans per year, 20% of which originate from its Shanghai branch.
About Zhong Yin Law Firm:
Zhong Yin Law Firm is one of the top ten largest law firms in China. The firm was founded in January 1993 as a result of the
spinoff of the Bank of China's internal legal department. Zhong Yin counts nearly 800 lawyers and legal personnel operating out of
26 offices across China and satellite offices in Toronto and Frankfort. The firm specializes in financial law and risk management,
providing or having provided high-quality legal services to thousands of corporate clients, including over 300 publicly-listed
companies. For more information: http://www.zhongyinlawyer.com
About the Cubeler Platform:
Cubeler is a commercial lending platform that matches any business looking for credit with a variety of lenders. Cubeler
periodically reads financial data coming from the registered businesses' accounting software, analyses several data points and
calculates a series of financial ratios to determine how well the business is performing. Those data points and ratios are then
compared to Cubeler's registered lenders' lending criterial and the resulting matches are shown to the lenders and the businesses,
much like the way a dating website would show its members their compatible matches.
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
Johnson Joseph
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Email: investors@peakpositioning.com
Forward-Looking Statements / Information:
This news release may include certain forward-looking information, including statements relating to business and operating
strategies, plans and prospects for revenue growth, using words including "anticipate", "believe", "could", "expect", "intend",
"may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a
number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and
is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no
obligation to publicly update or review any forward-looking information contained in this news release, except as may be required
by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking
information.
