Disclosure NewswireTMiCrowdNewswire - Sep 15, 2016
MONTREAL, QC – Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced that its Chinese subsidiary, Asia Synergy Technologies Ltd. (“AST”), received the first online orders through its recently launched Gold River fintech platform.
AST received two orders through the platform for a total of 152.2M RMB (approximately CAD$31M). The first order for 67.0M RMB worth of A00 aluminum ingot came from the Shanghai Bay International Trade Company, and the second order for 85.2M RMB worth of ethylene glycol came from the Shanghai Pokwong Industrial Company. AST has made the necessary arrangements with its suppliers to fulfill the orders and expects to settle the transactions within 5 to 10 business days.
It should be noted that these two orders are not part of AST’s most recently announced purchase order agreements totalling approximately CAD$575M. So adding these new online orders to the existing purchase order agreements now brings AST’s committed revenues through the end of 2017 to a total of over CAD$605M.
Now that AST’s operations have begun, the Company’s executive management took advantage of a recent trip to Shanghai to mandate Grant Thornton International to assist in the implementation of internal controls for financial reporting at AST to ensure the integrity of the financial information to be transmitted from AST to the Company. “We’re well aware of the importance of being able to have complete confidence in the numbers being reported to us by AST,” commented Laval Bolduc, Peak’s Chief Financial Officer. “So having an internationally renowned and reputable accounting firm such as Grant Thornton assist us in implementing and overseeing internal control systems and procedures to ensure that there’s an audit trail to every transaction conducted by AST was very important to us,” concluded Mr. Bolduc.
Peak Featured in “The CSE Quarterly” Magazine
The Company is also pleased to announce that it was featured in the latest edition of the Canadian Securities Exchange’s “The CSE Quarterly” magazine. The published article, available at https://issuu.com/uptickpublishing/docs/cse_quarterly_issue3_-_web, provides some insight into the Company’s venture in China and the relationships between the individuals behind its Chinese partnership.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. 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 Fintech, e-commerce and cloud-computing. Peak provides its shareholders with exceptional growth potential by giving them access to the fastest growing sectors of the world’s fastest growing economy. For more information:http://www.peakpositioning.com.
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Peak Positioning Technologies Inc.
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