Peak Positioning Technologies Inc.

Peak Positioning Technologies Inc.

May 16, 2013 14:58 ET

Update on Delay in Filing Annual Disclosure Documents for 2012

MONTREAL, QUEBEC--(Marketwired - May 16, 2013) - Peak Positioning Technologies Inc. ("Peak" or the "Company") (TSX VENTURE:PKK) is issuing this update on the situation in compliance with article 4.4 of Policy Statement 12-203 Respecting Cease Trade Orders For Continuous Disclosure Defaults ("PS 12-203"). On April 26, 2013 the Company announced that it would not be able to file its audited financial statements, management discussion and analysis, and officer certificates (collectively, the "2012 Annual Disclosure Documents") for the fiscal period ended December 31, 2012 within the deadline required by sections 4 and 5 of Regulation 51-102 Respecting Continuous Disclosure Obligations.

Due to the delay in filing its 2012 Annual Disclosure Documents, the Autorité des marchés financiers, the Company's principal regulator, imposed on May 1, 2013, a cease trade order limited to management, which effectively prohibits the trading, whether directly or indirectly, of the Company's securities by the Company's managers or directors. The cease trade order limited to management does not prohibit the trading of the Company's securities by persons who are not managers or directors of the Company.

Since the date of the imposed cease trade order limited to management, the Company has obtained the missing information to allow for the analysis of intangible assets and short-term royalties receivable on the Company's balance sheet. The Company's auditors are now working to complete their audit and produce the financial statements for approval by Peak's audit committee and board of directors. The Company's 2012 audited financial statements and management discussion and analysis will be filed by May 31, 2013 at the latest.

The Company intends to comply with the alternative information guidelines as prescribed by PS 12-203 by issuing bi-weekly news release updates on the situation, which will be filed on SEDAR, until the 2012 Annual Disclosure Documents are filed. Moreover, all other pertinent information regarding the Company and its operations has been publicly disclosed.

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:

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.

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