MONTREAL, QUEBEC--(Marketwired - Jul 31, 2013) - Peak Positioning Technologies Inc. ("Peak") (TSX VENTURE:PKK) today provided an update on its planned acquisition of LongKey Hong Kong Limited ("LongKey").
Since the proposed transaction was first announced on April 17, 2013, Peak and LongKey have been working together to determine the ideal ownership and operational structures to be put into place. Peak and LongKey have also been making steady progress in fulfilling the identified requirements set out by the TSX Venture Exchange ("TSXV") to obtain the TSXV's approval of the contemplated transaction, which approval the parties are hopeful to receive before the end of 2013.
On July 30, 2013, Peak and LongKey signed an agreement to extend the term of their previously signed Letter of Intent for twelve (12) months. The agreement extension demonstrates the parties' commitment to the transaction and grants them mutual exclusivity as they work together to complete the transaction.
"LongKey operates in three of the fastest growing tech sectors in China, namely Software as a Service (SaaS) applications, E-commerce, and software for mobile devices. That alone makes it a very attractive partner for Peak," said Johnson Joseph, President and CEO of Peak. "The fact that LongKey also has a proven business model whereby its products and services are sold and distributed as part of product offerings of some of the country's largest and most trusted telecom service providers and financial institutions, in our opinion, potentially puts LongKey on the verge of rapid growth. Acquiring LongKey positions us to profit from that opportunity," added Mr. Joseph.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. (TSX VENTURE:PKK), is a Canadian software developer for smartphones and other mobile computing devices. In association with its partner, LongKey-Hong Kong Ltd, the company has developed the AiNi™ Mobile Cloud platform. AiNi™ is an enhanced version of the mobile device O/S equally designed for the benefit of consumers and mobile network providers, and marketed to mobile network providers as a way to tie mobile subscribers to their networks and increase network profitability. AiNi™ comes with a suite of applications that include: instant messaging aggregation, group chat and file sharing, data synchronization, automated device configuration, and several security features. While LongKey markets AiNi™ and its SaaS applications in China through its partnerships with major Chinese telecommunication companies and banks, Peak similarly markets AiNi™ for its own account in markets outside of China. For more information: http://www.peakpositioning.com
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.
The TSX Venture Exchange has in no way passed upon the merits of this transaction and 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.