Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced that the Company and its Chinese partners have now received approval of all of the proposed shareholders of Asia Synergy Financial Capital (“ASFC”) from the Wuxi Municipal Financial Affairs Office (“WMFAO”). This sets the stage for the filing of ASFC’s registration documents, which the Company and its partners are expected to file later on this month once they receive the official certificate from the WMFAO stating that they have met all of the criteria to register ASFC as a licensed Chinese financial services company.
At the request of the WMFAO, which is mandated to regulate the operations of financial services companies in the city of Wuxi, the Company and its partners had to replace one of the proposed minority shareholders of ASFC on the initial application submitted to the WMFAO. As all of the proposed shareholders of ASFC have now been approved by the WMFAO, and they collectively meet the minimum financial requirements to launch ASFC’s operations, which will be evidenced with the transfer of a total of 100M RMB to a designated WMFAO trust account, Peak deems the issuance of the certificate to allow for the official registration of ASFC by the WMFAO to now be imminent.
Changes to Peak’s Board of Directors
Peak also announced that the Company and Mr. Jiang Wang have mutually agreed that it would be in the best interest of the Company to appoint a new member to its board of directors with intimate knowledge of the Chinese small business lending space. Coupled with the impending arrival of ASFC, the move would be in line with the Company’s approach of putting more emphasis on providing financial services to small and medium-sized businesses through its fintech platforms. Mr. Wang has therefore resigned from the Company’s board so that a new member may be appointed. Early candidates to fill the vacant board position include senior executives from Jiu Dong Limited, the Company’s strategic partner in ASFC.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of promising companies and assets in some of the fastest-growing tech sectors in China, including fintech, e-commerce and cloud-computing. Peak provides a bridge for North American investors who wish to participate in the continued digitization of China’s industrial sectors through the latest advancements in technology. For more information: http://www.peakpositioning.com
CHF Capital Markets
Phone: 416-868-1079 ext.: 231
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Forward-Looking Statements / Information:
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