MONTREAL, QUEBEC--(Marketwired - May 10, 2013) - Peak Positioning Technologies Inc. ("Peak" or the "Company") (TSX VENTURE:PKK) is issuing this news release to provide an update on the status of the trading halt that has been placed on the Company's stock since just prior to the announcement of the Company's intentions to acquire its Chinese partner LongKey Hong Kong Limited ("LongKey") on April 17, 2013.
As per TSX Venture Exchange ("TSXV") policy, the Company was asked to provide the TSXV with certain documents related to LongKey, such as audited financial statements of LongKey's operating subsidiary among others, for the TSXV's review prior to the trading halt being lifted.
The statements along with some of the other requested documents first needed to be translated from Chinese to English before they could be provided to the TSXV. All of this has created some unexpected delays in the process to have the trading halt placed on the Company's stock lifted.
The Company is currently collaborating with the TSXV to enable that the trading halt be lifted as soon as possible.
Further updates will be provided on the matter in the future if need be.