MONTREAL, QUEBEC--(Marketwired - April 26, 2013) - Peak Positioning Technologies Inc. ("Peak" or the "Company") (TSX VENTURE:PKK) today announced that it has notified the Autorité des marchés financiers, along with the other provincial securities regulators to which it reports, that it will be unable to meet the April 30, 2013 deadline to file its financial statements and management discussion and analysis for the fiscal period ended December 31, 2012.
In order to complete the audit of the Company's December 31, 2012 financial statements, the Company's auditors requested certain information to allow for the analysis of intangible assets and short-term royalties receivable on the Company's balance sheet. The Company has estimated that it will unfortunately not be in a position to provide its auditors with the requested information in a timely manner to allow for its financial statements to be filed by the April 30, 2013 deadline. The Company has undertaken the necessary approaches to obtain the required information to evaluate the assets mentioned above. The Company believes obtaining that information in early May 2013 and then proceed with the appropriate treatment in the financial statements. Then the auditors will complete their audit work and issue the statements for approval by the Company's audit committee and board of directors. These last steps are expected to be completed by May 31, 2013 at the latest.
While Peak is in default of filing its financial statements for the period ended December 31, 2012, the Company has committed not to directly or indirectly issue, acquire, or allow any trading of its shares by or from any insiders or employees of the Company. Peak also commits to provide bi-weekly updates on the process to remedy the default situation until the situation has been resolved and its 2012 year-end financial statements are filed.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. (TSX VENTURE:PKK), is a Canadian software developer for smartphones and other mobile computing devices, conducting business primarily in China and North America. In association with its partner, LongKey-Hong Kong Ltd, the company has developed a suite of applications for mobile devices that includes: cloud-based calendar, e-mail and contacts synchronization, automated device configuration, and HomeWaveä mobility security. While LongKey markets the applications in China through its partnerships with major Chinese telecommunication companies and banks, Peak plans to similarly market the applications for its own account in North America. For more information: www.peakpositioning.com.
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