Peak Officially Establishes Financial Institution Subsidiary in China
Montreal, Quebec (Newsfile Corp. - May 17, 2018) - Peak Positioning Technologies Inc. (CSE: PKK) ('Peak' or the 'Company') today is pleased to announce that the Company has officially established a licensed financial services subsidiary in China named Asia Synergy Financial Capital ('ASFC').
'We cannot overstate the importance of the arrival of ASFC for our operations in China,' commented Mr. Johnson Joseph, President and CEO of Peak. 'We are very excited with the fact that we now have a financial institution operating in a market of over 48M small and medium-sized businesses whose financial needs, for the most part, are clearly not being met. We have a very unique opportunity to leverage our fintech platforms, particularly our Cubeler platform, to help position ASFC as a financial institution that understands the needs of small businesses and provides them with the financial services they need to manage and grow their operations,' Mr. Joseph went on to say.
ASFC becomes the Company's third operating subsidiary in China and is expected to be the catalyst that ignites the other two subsidiaries' operations. Peak's Asia Synergy Technologies ('AST') and Asia Synergy Data Solutions ('ASDS') subsidiaries, established in 2016 and 2017 respectively, manage two fintech platforms aimed at providing financial assistance to China's small and medium-sized businesses. Operations on those platforms were limited to just a few pilot transactions until the creation of ASFC could provide an initial source of steady capital to fuel the platforms' operations.
Given how difficult it has become to obtain a financial services license in China since the passing of new regulations in 2017, and the government's recent crackdown on companies offering such services without a valid license, the stage is set for legitimate licensed financial services companies such as ASFC to flourish. ASFC initially has 100M RMB (approximately CAD $20M) for working capital and lending purposes at its disposal but is expected to eventually enter into strategic partnerships with well-established larger financial institutions to increase its operational capacity.
'On behalf of everyone at Peak, I'd like to thank Mr. Liang Qiu and the rest of our executive team in China for their relentless efforts, the members of the Wuxi Municipal Financial Affairs Office for their cooperation, as well as our dedicated Chinese partners, led by Mr. Kelong Chen and Mr. Changsheng Zhuo, for their unwavering commitment to ensure that together we would achieve this important milestone. This is a very special day for the Company and its shareholders,' concluded Mr. Joseph.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of promising companies and assets in some of the fastest-growing tech sectors in China, including fintech, e-commerce and cloud-computing. Peak provides a bridge for North American investors who wish to participate in the continued digitization of China's industrial sectors through the latest advancements in technology. For more information: http://www.peakpositioning.com
Cathy HumeCEOCHF Capital MarketsPhone: 416-868-1079 ext.: 231Email: email@example.com
Johnson JosephPresident and CEOPeak Positioning Technologies Inc.Phone: 514-340-7775 ext.: 501Email: firstname.lastname@example.org
Forward-Looking Statements / Information:
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.
Click on, or paste the following link into your web browser, to view the associated documents
17.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Peak Positioning Technologies Inc.
Canada ISIN: CA70469M1086 End of News DGAP News Service