MONTREAL, QUEBEC--(Marketwired - May 30, 2014) - Peak Positioning Technologies Inc. (TSX VENTURE:PKK)(PINK SHEETS:PKKFF) ("Peak" or the "Company") today announced its financial results and reviewed highlights for the three-month period ended March 31, 2014.
- Closing of a private placement of secured convertible debentures totaling $569,797;
- Total expenses at $ 317,016;
- Net loss at $303,456
- Signing of agreement to acquire the assets of the Quickable.com marketplace;
- Launch of the Company's web development services offering;
- Signing of share purchase agreement to acquire 51% of LongKey Hong Kong Limited;
- Listing of the Company's shares in the US on the over-the-counter (OTC) "pink sheets" under the ticker symbol "PKKFF"
First Quarter Financial Results Summary
Peak officially began its web development activities in March 2014, and as a result, Peak generated a total of $13,560 for the three months ended March 31, 2014 in the form of consulting revenues stemming from these activities, compared to $195,149 in revenues from royalties for the same period in 2013.
Expenses for the first quarter amounted to $317,016 compared to $274,607 in the comparable period of 2013. The first quarter expenses include R&D expenditures of $105,107 compared to $126,428 in the comparable period of 2013. These costs are before deducting investment tax credits, which are accounted for on an annual basis only.
The net loss for the three month period ending March 31, 2014 was $303,456 compared to $79,458 in the comparable period of 2013.
Full details of the Company's first quarter 2014 financial results can be found in the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month periods ended March 31, 2014 and 2013, which are available at www.sedar.com.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSX VENTURE:PKK)(PINK SHEETS: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 mobile, mobile e-Commerce, and Web development in North America and China. For more information: http://www.peakpositioning.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press 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 press release.