MONTREAL, QUEBEC -- (Marketwired) -- 11/28/13 -- Peak Positioning Technologies Inc. ("Peak") (TSX VENTURE: PKK) today announced its financial results for the three-month period ended September 30, 2013 and reviewed recent operating highlights.
Financial Results:
-- Net royalties of $77,978 in the quarter -- R&D expenditures of $126,428 before tax credits -- Total expenses significantly lower at $230,610 -- Net loss reduced to $152,632
Operating Highlights
-- $725,000 of new equity capital and debt financing raised in the first
nine months of 2013
-- On September 4, 2013, announcement of the beta launch of AiNi™ mobile
cloud platform on Chinese app stores
-- On September 17, 2013, the Company signed a term sheet with a Toronto-
based hedge fund for a $3 million loan pending satisfactory due
diligence of the Company by the hedge fund.
Third Quarter Financial Results Summary
Peak generated $77,978 in revenue from royalties in the three months ended September 30, 2013 compared to $26,788 in the comparable period of 2012.
Expenses for the third quarter amounted to $230,610 compared to $769,117 in the comparable period of 2012. The third quarter expenses include R&D expenditures of $126,428 compared to $166,760 in the comparable period of 2012. These costs are before deducting investment tax credits, which are accounted for on an annual basis only.
The net loss for the three month period ending September 30, 2013 was $152,632, down from $742,329 in the comparable period of 2012.
Full details of the Company's third quarter 2013 financial results can be found in the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-and nine-month periods ended September 30, 2013 and 2012, which are available at www.sedar.com.
About Peak Positioning Technologies Inc.
Peak Positioning is a publicly traded (TSX VENTURE: PKK) Canadian software developer for smartphones and other mobile computing devices conducting business primarily in China and North America. We work with Mobile Network Operators (MNOs) to develop custom cloud-based mobile application platforms with built-in applications and features that allow these MNOs' networks to stand out from their competitors' networks. In association with its partner, LongKey-Hong Kong Ltd (LongKey), the Company has developed the AiNi™ Mobile Cloud platform, which can be customized to any MNO's specific needs with the main objective of helping the MNO retain existing subscribers and increase its subscriber base.
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.
Contacts:
CHF Investor Relations
Jeanny So
Director of Operations
416-868-1079 ext.: 225
jeanny@chfir.com
Peak Positioning Technologies Inc.
Johnson Joseph
President and CEO
514-340-7775 ext.: 501
investors@peakpositioning.com
