Peak Files Second Quarter 2014 Results
(Marketwire (Canada) Via Acquire Media NewsEdge) MONTREAL, QUEBEC--(Marketwired - Aug. 29, 2014) - Peak Positioning Technologies Inc. (TSX VENTURE:PKK) (PINKSHEETS:PKKFF) ("Peak" or the "Company") today announced its financial results and reviewed highlights for the three-month period ended June 30, 2014.
-- 12% reduction in total expenses compared to previous quarter totaling
-- Net loss at $271,021
-- Closing of the acquisition of the assets of the Quickable.com
-- Significant progress towards the acquisition of LongKey Hong Kong
Second Quarter Financial Results Summary
Peak generated web development services revenues of $7,040 for the three months ended June 30, 2014 for a cumulative amount of $20,600 for the six-month period ended June 30, 2014. While last year the revenues were generated in royalties from its activities in China. The royalties amounted to $72,500 and $297,649 for the three months and six months ended June 30, 2013 respectively. The minimum revenue guarantee clause ended in March 2013 explaining the reduction to June 2013. The royalties stopped in the 3rd quarter of 2013 which explains that no royalties were generated in the 1st and 2nd Quarter of 2014.
Expenses for the second quarter amounted to $278,061 compared to $434,778 in the comparable period of 2013. The reduction is mainly due to the decision of the management to the temporary layoff of the development team.
The net loss for the three month period ending June 30, 2014 was $271,021 compared to $362,278 in the comparable period of 2013.
Full details of the Company's second quarter 2014 financial results can be found in the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month periods ended March 31, 2014 and 2013, which are available at www.sedar.com.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSX VENTURE:PKK) (PINKSHEETS:PKKFF), is a management company whose wholly-owned subsidiary, Peak Positioning Corporation provides Web development services and develops mobile software platforms destined to mobile network operators worldwide. Peak aims to deliver value to its shareholders by assembling a portfolio of high-growth projects and companies in mobile, mobile e-Commerce, and Web development in North America and China. For more information: http://www.peakpositioning.com
The TSX Venture Exchange 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Senior Account Manager
CHF Investor Relations
416-868-1079 ext.: 225
President and CEO
Peak Positioning Technologies Inc.
514-340-7775 ext.: 501
Source: Peak Positioning Technologies Inc.
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