Montreal, Quebec--(Newsfile Corp. - April 1, 2015) - Peak Positioning Technologies Inc. (TSXV: PKK) (PINKSHEETS: PKKFF) ("Peak" or the "Company") today announced that it has made enough progress in the preparation of the elements required to obtain the necessary approvals for its intended acquisition of LongKey Hong Kong Limited ("LongKey"), that it has now set a target date to close the transaction.
The Company spent weeks gathering and preparing due diligence and regulatory compliance materials on LongKey, and has been working with LongKey and a third-party accounting firm to ensure the conversion of LongKey's financial statements for the past 3 years to International Financial Reporting Standards (IFRS). Now that most of the material relevant to obtaining the required approvals has been gathered and that LongKey's financials have been converted to IFRS, the Company is able to estimate the amount of time that would be required to complete the remaining steps to obtaining final approval for the transaction. These steps include the audit of LongKey's IFRS financial statement, the completion of a private placement financing to be closed concurrent to the acquisition, and the review of the required materials by the TSX Venture Exchange. The Company is hopeful to have these remaining elements completed by the end of April 2015, and will therefore aim to close the acquisition of LongKey on April 30, 2015.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSXV: PKK) (PINKSHEETS: PKKFF), 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 e-commerce, cloud-computing and mobile development. Peak provides its shareholders with the opportunity to participate in the fastest growing economic sectors of the world's fastest growing economy, in partnership with some of the most reputable and high-profile institutions in those sectors. For more information: http://www.peakpositioning.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this news 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 news release.
For more information:
Cathy Hume
CEO
CHF Investor Relations
Phone: 416-868-1079 ext.: 231
Email: cathy@chfir.com
Or
Carl Desjardins
Managing Partner
Paradox Public Relations Inc.
Phone: 514-341-0408
Email: carldesjardins@paradox-pr.ca
Or
Johnson Joseph
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Email: investors@peakpositioning.com