MONTREAL, QUEBEC--(Marketwire - March 14, 2013) - Peak Positioning Technologies Inc. ("Peak" or the "Company") (TSX VENTURE:PKK) announced that it has granted a formal request from Essence International Capital Limited ("Essence") to extend the deadline by 30 days to close the first phase of USD$ 1 million as part of the USD$ 6 million financing agreement between the parties first announced in a press release dated December 20, 2012.
The closing deadline for the first phase of the financing which was originally set for March 15, 2013 has now been changed to April 15, 2013. Essence has requested the 30-day extension to give it sufficient time to come to an agreement with one of two potential strategic co-investors, either of which could bring significant value to Peak's business in the Chinese mobile space. The potential investors in question are a Chinese-based investment fund related to a Chinese mobile phone manufacturer who sold millions of mobile phones in China in 2012, and a reputable TMT fund with a remarkable ICT background in Greater China. Essence entered into discussions with the potential investors shortly after the end of the Chinese New Year holiday period. The extra 30 days should allow Essence to come to an agreement with one of the potential investors.
As the financing agreement between the parties is based on a "best efforts" basis, investors should note that there can be no assurances that the financing contemplated in this press release will be completed, in part or at all.
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.
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.