DeepMarkit Appoints CFO and Provides Update

About this update from Prospect Prediction Markets Inc.

[{"type":"text","content":"DeepMarkit Appoints CFO and Provides Update(via TheNewswire)\n \n \nCalgary, Canada - TheNewswire - May 15, 2020 - DeepMarkit Corp., (\"DeepMarkit\" or the \"Company\") (TSXV:MKT) (OTC:MKTDF) provides the following update:\n\n\n \nBusiness Update\n\n\n \nLike 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. \n\n \n \nAlthough 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.\n\n \n \nWe 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.\n\n \n \nDuring 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.\n\n \n \nAppointment of CFO\n\n \n \nDeepMarkit is very pleased to announce the appoin...

More updates from Prospect Prediction Markets Inc.