Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

DeepMarkit Appoints CFO and Provides Update

V.MKT

(via TheNewswire)



Calgary, Canada - TheNewswire - May 15, 2020 - DeepMarkit Corp., ("DeepMarkit" or the "Company") (TSXV:MKT) (OTC:MKTDF)provides the following update:

Business Update

Like many companies and businesses, the global pandemic has had, and continues to have a dramatic effect on DeepMarkit's capitalization and business plans. Our focus over the past year has been on the cross-border ecommerce market with China. Over the past quarter we have completed the development of a platform for smaller North American merchants to sell North American goods in China, primarily through the WeChat channel. This is potentially a large market. Many merchants and individuals currently sell goods to the Chinese consumer market through WeChat. A significant issue for those people is getting their sales proceeds into Canada. The payment mechanisms we have incorporated provide a simple click-to-pay with WeChat Pay or Alipay, the two largest payment systems in China. We use SnapPay to process these payments to our Canadian bank on behalf of the sellers.

Although we believe there is a real market opportunity for what we have built and for the other features we are working on, everything depends on the ability of the sellers to source their products and ship those products to China, at a reasonable cost. This is of course severely compromised by the global lockdown and the disruptions caused. Current conditions do not support the advancement of this business strategy.

We do not have the capital to continue to pursue our cross-border ecommerce strategy. We are still working to source additional funding from Chinese investors. Given our current shareholder structure and our geographic business focus, this is really the only practical source of funds for us. Our efforts to secure additional funds in this area have been unsuccessful to date and we cannot assume that we will be able to complete any new financings.

During these extraordinary times and given our precarious financial circumstances and the state of the capital markets, management and our board are evaluating all going forward scenarios and will be investigating any and all realistic new opportunities.

Appointment of CFO

DeepMarkit is very pleased toannounce the appointment of Curtis Smith as our new Chief Financial Officer. Curtis articled and worked for KPMG. Since leaving KPMG, he has successfully led several publicly traded technology companies, helping them transition from pre-revenue to commercialization. Curtis brings a much needed skill set to DeepMarkit.

About DeepMarkit

DeepMarkit is a technology company focused on creating new tools and technologies to aid ecommerce transactions for the benefit of both consumers and online merchants.

DeepMarkit's Common Shares are listed on the TSX Venture Exchange, symbol MKT. To try out our games and see the power of the platform, please visit www.deepmarkit.com

For more information, please contact:

President & CEO

Darold H. Parken

Tel: 403-537-0067

Email: dparken@deepmarkit.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY STATEMENT

Statements in this press release may contain forward-looking information including, statements regarding the development of business opportunities in Asia. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of DeepMarkit. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, failure to obtain necessary financing and the failure to launch DeepMarkit's new platform or to operate it successfully. The reader is cautioned not to place undue reliance on any forward-looking information.

The forward-looking statements contained in this press release are made as of the date of this press release and DeepMarkit does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Copyright (c) 2020 TheNewswire - All rights reserved.