MONTREAL, Nov. 28, 2014 (GLOBE NEWSWIRE) -- Peak Positioning Technologies Inc. (TSX-V:PKK) (Pink Sheets:PKKFF) ("Peak" or the "Company") today announced its financial results for the three-month and nine-month periods ended September 30, 2014.
- Acquisition of a minority interest in LongKey Hong Kong Ltd.;
- Total expenses at $281,314;
- Net loss at $267,824
Third Quarter Financial Results Summary
Peak generated web development services revenues of $13,490 for the three months ended September 30, 2014 for a cumulative amount of $34,090 for the nine-month period ended September 30, 2014. While last year the revenues were generated in royalties from its activities in China. The royalties amounted to $77,978 and $345,627 for the three months and nine months ended September 30, 2013 respectively. The minimum revenue guarantee clause ended in March 2013 explaining the reduction to September 2013. The royalties stopped in the 3rd quarter of 2013 which explains that no such royalties were generated in fiscal 2014.
Expenses for the third quarter amounted to $281,314 compared to $230,610 in the comparable period of 2013. The increase is mainly due to management fees, subcontracting, consulting fees and interest expenses offset partly by a reduction in salary given the decision of the management to the temporary layoff of the development team in the 2nd quarter of 2014.
The net loss for the three month period ending September 30, 2014 was $267,824 compared to $152,632 in the comparable period of 2013.
Full details of the Company's third 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 and nine-month periods ended September 30, 2014 and 2013, which are available at www.sedar.com.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSX-V:PKK) (Pink Sheets: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.
CONTACT: Cathy Hume CEO CHF Investor Relations Phone: 416-868-1079 ext.: 231 Email: email@example.com Or Johnson Joseph President and CEO Peak Positioning Technologies Inc. Phone: 514-340-7775 ext.: 501 Email: firstname.lastname@example.orgSource:Peak Positioning Technologies Inc.