Montreal, Quebec--(Newsfile Corp. - April 25, 2018) - Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today announced that the Company and its Chinese partners have met the Financial requirements set out by the Wuxi Municipal Financial Affairs Office ("WMFAO") for the establishment of the Company's financial services subsidiary, Asia Synergy Financial Capital ("ASFC").
Following the recent approval of the proposed shareholders of ASFC by the WMFAO and as mandated by the WMFAO, the Company and its partners collectively transferred a total of 100M RMB (approximately $20M CAD) to a designated trust account to provide evidence that they meet the minimum financial requirements to create and operate a financial services company.
The Company and its partners will now receive a certificate from the WMFAO stating that they are authorized to establish a company fully licensed to provide financial services to businesses in China. The Company and its partners have now prepared the required registration documents for the establishment of ASFC, which they plan to file with the State Administration for Industry and Commerce along with the WMFAO certificate as soon as they receive it.
Peak Hires New Financial Controller for Chinese Operations
Peak also announced that the Company has hired Mr. Bin Xu as the new financial controller of its Chinese subsidiaries. Mr. Xu is a CPA, CGA and holds an MBA from HEC Montreal (formerly École des hautes études commerciales). He began his professional career 10 years ago as a Financial Auditor with Ernst and Young in Shanghai and spent 4 years as the Finance Manager of a Shanghai-based international garment exporter. He moved to Montreal in 2015 where he most recently worked as a Financial Analyst at BNP Paribas Canada before joining Peak. His fluency in Mandarin, English and French, his previous experience as a financial auditor and his knowledge of international trade make him the ideal candidate for this key role in the evolution of the operations of Peak's group of companies in China. Mr. Xu will work closely with Mr. Liang Qiu, CEO of the subsidiaries, and will report directly to Mr. Jean Landreville, Peak's Canadian-based CFO.
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 promising companies and assets in some of the fastest-growing tech sectors in China, including fintech, e-commerce and cloud-computing. Peak provides a bridge for North American investors who wish to participate in the continued digitization of China's industrial sectors through the latest advancements in technology. For more information: http://www.peakpositioning.com
CHF Capital Markets
Phone: 416-868-1079 ext.: 231
Email: [email protected]
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Email: [email protected]
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.