Montreal, Quebec--(Newsfile Corp. - November 16, 2018) - Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today announced its financial results and operating highlights for the three-month and nine-month periods ended September 30, 2018, with the third quarter showing a significant increase in revenue compared to the second quarter. All amounts expressed are in Canadian dollars.
"We are very pleased with ASFC's performance and with the progress made by ASDS during the quarter," said Johnson Joseph, President and CEO of Peak. "We won't be revising our forecasts higher for the fourth quarter and for 2019 for the time being, but we'll certainly look to close out 2018 on a positive note. We'll take another look at possibly revising the 2019 guidance higher following the fourth quarter 2018 results once ASDS, as expected, starts making a greater contribution to the cause and AST gets back on track."
Q3 3-Month & 9-Month Period Financial Highlights:
|3-month period||9-month period|
* Expenses before interest, depreciation and amortization
Q3 Operating Highlights:
- Increase in average ASFC lending interest rates
- Enhancements made to Cubeler platform, including data validation feature and support for Alipay and WeChat Pay payment gateways
- First transaction on Cubeler platform involving parties with no relation to Peak
As was the case in Q2, ASFC was once again the main contributor to the Company's revenue in Q3. However, Q3 provided a glimpse of the Company's future with the first transactions taking place on the Cubeler platform between small businesses and a lender other than ASFC. Such transactions are projected to account for over 50% of Peak's revenue by as early as 2019, thus seeing the first ones take place in Q3 was an important milestone for the Company.
Full details of the Company's third quarter 2018 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month and nine-month periods ended September 30, 2018 and 2017, which are available at www.sedar.com.
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, business intelligence and related technologies. 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.
For more information, please contact:
Cathy Hume, CEO
CHF Capital Markets
Phone: 416-868-1079 ext.: 231
Johnson Joseph, President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Forward-Looking Statements / Information:
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth, 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.