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Peak Positioning Technologies Announces CDN$735K Private Placement(April 03, 2012)
MONTREAL, QUEBEC -- (Marketwire) -- 04/03/12 -- Peak Positioning Technologies Inc. ("Peak") (TSX VENTURE:PKK) today announced that it will close a private placement of 7,350,800 units, at a price of $0.10 per unit, for gross proceeds of CDN$735,080 on April 5, 2012. The funds raised will partially be devoted to further developing Peak's partnership venture in China with LongKey-Hong Kong Ltd. ("LongKey"), and for working capital purposes.
Units of the private placement are comprised of one common share of Peak and one-half warrant, with each whole warrant entitling the holder to subscribe for one Company share at a price of $0.15 during the 24 months following its issuance. The Company will pay a cash finder's fee of $73,508 and issue 735,080 non-transferable finder's warrants in connection with the issue. Each finder's warrant will entitle the holder to purchase one Unit of the private placement at a price of $0.10 for a period of 24 months from the closing date. All of the securities issued under the private placement will be subject to a four-month hold period.
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 e-mail, calendar and contacts synchronization, automated device configuration, and HomeWave(TM) 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: http://www.peakpositioning.com.
About LongKey-Hong Kong Ltd.:
LongKey Hong Kong Ltd., through its subsidiary LongKey Software Technology Ltd., provides a wide range of IT solutions, business management applications, and mobile applications based on its proprietary Unified Information Services Platform (UISP). LongKey's applications are distributed to end- users in China by some of China's largest telecom and banking entities. For more information: http://www.longkeysoft.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, 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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Peak Positioning Technologies Inc.
President and CEO
514-340-7775 ext. 501
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