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Peak Obtains Exchange Approval for Quickable Acquisition and Signs MOU
|By Marketwired .
|June 2, 2014 08:45 AM EDT
MONTREAL, QUEBEC -- (Marketwired) -- 06/02/14 -- Peak Positioning Technologies Inc. (TSX VENTURE:PKK)(PINK SHEETS:PKKFF) ("Peak" or the "Company") today announced that following the filing of the necessary documents related to its planned acquisition of the assets associated with the Quickable marketplace, and the subsequent review of these documents by the TSX Venture Exchange (the "TSXV"), it has received conditional approval from the TSXV to close on the acquisition.
The conditions to obtain final acceptance of the acquisition from the TSXV are to provide the TSXV with confirmation that the assets in questions have been transferred to Peak, and to pay the applicable fees related to the review of the transaction to the TSXV.
Memorandum of Understanding to Bring Quickable to China
Peak also announced that its wholly-owned subsidiary, Peak Positioning Corporation ("Peak Corp."), has signed a memorandum of understanding with LongKey Software Technology Ltd. ("LongKey Soft"), the Company's Chinese partner's operating subsidiary, to grant LongKey Soft commercialization rights, based on a revenue sharing model, of the Quickable assets in China immediately following the closing of the asset acquisition transaction by Peak.
Following the closing of the transaction and once commercialization rights to Quickable have been formally granted to LongKey Soft, Peak Corp and LongKey Soft will collaborate to present Quickable to a specific LongKey Soft Chinese banking partner as a solution to facilitate mobile e-Commerce transactions between the bank's clients.
"The discussions about entering into this MOU with LongKey Soft began back in April, shortly following our decision to acquire Quickable", commented Johnson Joseph, President and CEO of Peak. "We wanted to ensure that the Quickable acquisition process had reached a certain threshold before signing off on the MOU with LongKey Soft. Now that we've received the Exchange's green light to close on the acquisition, which essentially now puts the closing entirely in our hands, we feel comfortable with taking this first significant step to bring Quickable to China", concluded Mr. Joseph.
Playback of LongKey Acquisition Conference Call
Those who would like to listen to the recorded phone conference about the LongKey acquisition held on May 26, 2014 may do so by dialing 905 694-9451 or 1 800 408-3053, and enter 946709402# as the passcode.
Please note that the recording will expire on 2014/06/25.
The instant replay controls for the recording are as follows:
Press 1 - Skip backward 5 seconds
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Press 3 - Skip forward 5 seconds
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Press 5 - Pause the playback
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About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSX VENTURE:PKK)(PINK SHEETS:PKKFF), is a management company whose wholly-owned subsidiary, Peak Positioning Corporation provides Web development services and develops mobile software platforms destined to mobile network operators worldwide. Peak aims to deliver value to its shareholders by assembling a portfolio of high-growth projects and companies in mobile, mobile e-Commerce, and Web development in North America and China. For more information: http://www.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.
The TSX Venture Exchange has in no way passed upon the merits of this transaction and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this press release.
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