Peak Files Third Quarter 2013 Results
28 Novembre 2013 - 11:42PM
Marketwired
Peak Files Third Quarter 2013 Results
MONTREAL, QUEBEC--(Marketwired - Nov 28, 2013) - 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.
CHF Investor RelationsJeanny SoDirector of
Operations416-868-1079 ext.: 225jeanny@chfir.comPeak Positioning
Technologies Inc.Johnson JosephPresident and CEO514-340-7775 ext.:
501investors@peakpositioning.com
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