Welcome!

News Feed Item

Peak Positioning Files Third Quarter Financial Results

MONTREAL, QUEBEC -- (Marketwire) -- 11/23/12 -- Peak Positioning Technologies Inc. ("Peak") (TSX VENTURE:PKK) today announced its financial results and reviewed highlights for the three-month period ended September 30, 2012.

Third Quarter Financial Highlights:

--  Gross royalties generated totalled $90,000, which translated into
    revenue recognition of $46,000 for the period and an additional $44,000
    of deferred revenue to be recognized in future periods 
--  R&D expenditures of $167,000 before tax credits 
--  Total expenses of $769,000 including $320,000 of shared expenses in
    China 
--  Net loss of $742,000 
--  $300,000 gross, in combination of debt and new equity capital raised. 

Third Quarter Operating Highlights:

--  December launch date set for AiNia release to China Unicom consumers in
    China 
--  Finalized new service offering for North America incorporating both
    AiNia features and proprietary HomeWavea security solution 

"The evolution of our venture in China took another major step forward in the third quarter", said Johnson Joseph, Peak's President and CEO. "Important work by Peak and LongKey's development teams to make the AiNia platform appealing to Chinese consumers is now complete and AiNia is expected to be launched in December by China Unicom, which has an install base of over 230 million mobile customers. This will officially open the door for us to the mobile consumer space in China and exponentially increases our revenue-producing potential", he stated.

Third Quarter Financial Results Summary

Peak recognized $45,923 of gross royalty revenues for the three months ended September 30, 2012 compared to $2,326 in the comparable period of 2011. Net royalties (after deducting amortization of other assets, which is a non-cash expense) amounted to $26,788, compared to $2,326 in the prior year period. The royalty flows for the period stem from Peak's agreement with LongKey-Hong Kong Ltd. (LongKey).

Expenses for the three-month period ended September 30, 2012 amounted to $742,329 compared to $360,502 in the comparable period of 2011. The increase in 2012 expenses was principally due to a $230,190 contribution to new offices shared with LongKey in China as well as a $90,000 contribution to LongKey's mobile lab.

The third quarter expenses included R&D expenditures of $166,760 compared to $111,155 in the comparable period of 2011. These costs are before deducting investment tax credits, which are accounted for on an annual basis only.

The net loss for the three month period ending September 30, 2012 was $742,329 compared to $358,176 in the comparable period of 2011.

During the third quarter Peak raised $300,000 gross, in a combination of debt and new equity capital.

Further details on the Company's third quarter 2012 financial results can be found in the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three- and nine-month periods ended September 30, 2012 and 2011, which are available at www.sedar.com.

Peak also announces the closing of a private placement in the amount of $94,000 through the sale of 1,175,000 units priced at $0.08 each. Each unit consists of one common shares and one half (1/2) of one common share purchase warrant which entitles the holder to purchase one common share at the price of $0.15 each for twelve months. All securities issued are subject to a four-month-and-one-day hold period. Proceeds will be used for general working capital purposes and for the continued development of Peak's mobile applications. In connection with the private placement a finder's fee of 8% of the gross proceeds was paid to a non related third party.

About Peak Positioning Technologies Inc.:

Peak Positioning Technologies Inc. (TSX VENTURE:PKK), is a Canadian software developer for smartphones and other mobile computing devices, conducting business primarily in China and North America. In association with its partner, LongKey-Hong Kong Ltd, the company has developed a suite of applications for mobile devices that includes: cloud-based calendar, e-mail and contacts synchronization, automated device configuration, and HomeWavea mobility security. While LongKey markets the applications in China through its partnerships with major Chinese telecommunication companies and banks, Peak plans to similarly market the applications for its own account in North America. For more information: http://www.peakpositioning.com.

About LongKey-Hong Kong Ltd.:

LongKey-Hong Kong Ltd., through its subsidiary LongKey Software Technology Ltd., provides a wide range of IT solutions, business management applications, and mobile applications based on its proprietary Unified Information Services Platform (UISP). LongKey's applications are distributed to end-users in China by some of China's largest telecom and banking entities. For more information: http://www.longkeysoft.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.

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 release.

Contacts:
Peak Positioning Technologies Inc.
Johnson Joseph
President and CEO
514-340-7775 ext.: 501
514-340-2228 (FAX)
[email protected]
www.peakpositioning.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous a...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, will provide a fun and simple way to introduce Machine Leaning to anyone and everyone. Together we will solve a machine learning problem and find an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intellige...
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, will discuss how they b...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.