Peak Positioning Technologies Inc.

Peak Positioning Technologies Inc.

September 08, 2014 10:55 ET

Peak Acquires Stake in LongKey Hong Kong

MONTREAL, QUEBEC--(Marketwired - Sept. 8, 2014) - Peak Positioning Technologies Inc. (TSX VENTURE:PKK) (PINKSHEETS:PKKFF) ("Peak" or the "Company") today announced that it has acquired a 4% minority interest in its Chinese partner, LongKey Hong Kong Ltd. ("LongKey").

Earlier this year, Peak revealed the acquisition of LongKey as being the key element of its strategic plan going forward. Pursuant to its agreement to acquire LongKey, dated April 30, 2014, under which the Company agreed to make certain working capital contribution investments in LongKey prior to the closing of the acquisition, Peak contributed CAD$250,000 to LongKey's working capital (the "Investment") for which LongKey issued 10 million LongKey common shares from treasury to Peak, representing 4% of LongKey's total issued and outstanding shares following the issuance. The Investment represents the first in a series of three (3) working capital contribution investments totalling CAD$800,000 to be made by Peak in LongKey prior to and leading up to Peak's acquisition of a majority interest in LongKey.

"This is a very significant day if you happen to be a Peak shareholder. Both Peak and LongKey wanted to send a clear message to our respective stakeholders that we're well on the way to closing on our intended transaction, and I believe we accomplished that today", commented Johnson Joseph, President and CEO of Peak. "We're very excited to have completed this critical step in our planned acquisition of LongKey and officially becoming shareholders of such a promising company. While this now allows us to begin to share in LongKey's vast growth potential, we will continue to work on fulfilling the requirements set out by the TSX Venture Exchange for the acquisition and look forward to closing on the transaction to acquire a 51% majority stake in LongKey", concluded Mr. Joseph.

About LongKey-Hong Kong Ltd.:

LongKey Hong Kong Ltd., through its subsidiary LongKey Software Technology Ltd., provides a wide range of cloud-computing business management solutions and e-commerce solutions through its proprietary Unified Information Services Platform (UISP). LongKey's solutions are distributed to end-users in China in partnership with some of China's largest telecom and banking entities. For more information:

About Peak Positioning Technologies Inc.:

Peak Positioning Technologies Inc. ("Peak"), (TSX VENTURE:PKK) (PINKSHEETS: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 the mobile, e-Commerce, and cloud-computing spaces in North America and China. For more information:

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.

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