Peak Enters Agreement to Acquire Quickable.com
MONTREAL, QUEBEC--(Marketwired - Mar 26, 2014) - Peak
Positioning Technologies Inc. (TSX-VENTURE:PKK) ("Peak" or the
"Company") today announced that it has entered into an agreement to
purchase substantially all of the assets associated with the
Quickable.com mobile e-commerce platform from its Boston based
owner and creator,, Quick Technologies LLC ("Quick Tech").
Quickable.com (or "Quickable(SM)") is a mobile platform and
market place that allows a smartphone user to sell virtually any
product. Users begin by taking a picture of the item they would
like to sell with their smartphone and provide a brief description
of the item. Alternatively, instead of describing the item for
sale, users can simply scan the barcode of the item, and the item
description is automatically provided on their behalf. Once an item
is ready to sell, the user follows a set of simple instructions to
instantly and simultaneously publish the item on the Quickable(SM)
market place, social media sites, such as Facebook and Twitter, and
other popular online market places such as Ebay and Craigslist,
thereby increasing the chances for a quick sale of the item.
Prospective buyers are then connected to sellers to negotiate the
price of the items through a built-in Quickable(SM) instant
messaging application. The Quickable(SM) platform handles every
step of the transaction, from listing the product for sale, to the
initial indication of interest on the part of the buyer, to the
acceptance of an offer by the seller, all of which is documented
though the recorded instant messaging exchanges between buyer and
seller.
The Quickable(SM) platform was launched in July 2012 and is
currently available to US subscribers only. As of the end of
February 2014, Quickable(SM) had over 115,000 registered
subscribers accounting for a total of more than USD$22,000,000 in
gross merchandise value. For more information on Quickable(SM)
please visit: www.quickable.com.
Peak plans to acquire substantially all of the assets of Quick
Tech for a total consideration of USD$2,500,000, payable in a
combination of cash and Peak Common Shares (the "Transaction").
Pending all necessary regulatory approvals, Peak expects to close
the Transaction by May 2, 2014.
"We've been looking at the Quickable(SM) platform for a while
now as a potential strategic acquisition", said David Kugler, Lead
Director of Peak. "This platform has great potential today, and we
strongly believe that we can leverage our existing technologies and
relationships to turn it into a significant contributor to the
Company's bottom line; and create significant value for our
shareholders," he went on to say.
As part of its due diligence of Quick Tech, Peak mandated an
independent Maryland based technology consulting firm to conduct a
thorough technical analysis and review of Quickable(SM), and to
provide Peak with a detailed report of its findings. "Based on the
technical due diligence report and our own assessment of the
platform, I can confidently say that Quickable(SM) is a very robust
and flexible mobile e-commerce platform", commented Varujan Tasci,
Peak's Chief Technology Officer. "I am also of the opinion that
this type of technology will fit extremely well with our overall
strategic vision and bring significant value to our various
stakeholders", he concluded.
Peak independent director Mark Dumas, a former investor in Quick
Tech, introduced Quick Tech to Peak. Mr Dumas will receive from
Quick Tech, at the closing of the Transaction, a USD$100,000.00
fee. No new Peak insider, as that term is defined in Policy 1.1 of
the TSX Venture Exchange Corporate Finance Manual, will be created
as a result of the Transaction.
On March 13, 2014, Peak announced a private placement offering
of up to CAD$2 million by way of secured convertible debenture (the
"Debentures"), of which CAD$569,796 was closed in the initial round
of the private placement. Peak intends to close the balance of the
private placement on or about March 31, 2014, and use part of the
proceeds to close the Transaction.
The Debentures pay an annual interest rate of 10%, mature 24
months from the date of their issuance, are secured by the
aggregate assets of the Company, and allow their subscribers to
convert them into Common Shares of Peak at any time prior to
maturity, subject to certain terms and conditions, at a price of
CAD$0.05 per Common Share during the 12-month period immediately
following their issuance and CAD$0.10 per Common Share thereafter
until their maturity date. Any Common Shares issued pursuant to the
exercise of the conversion right of the Debentures will be subject
to a hold period expiring four (4) months and one day from the date
of their issuance.
Completion of the Transaction is subject to a number of
conditions, including TSX Venture Exchange approval. There can be
no assurance that the Transaction will be completed as proposed or
at all.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. (TSX-VENTURE:PKK), is a
Canadian software developer for mobile smart devices, and
application provider to mobile network operators (MNO) worldwide.
In association with its partner, LongKey-Hong Kong Ltd, the company
has developed the AiNi™ Mobile Cloud platform. AiNi™ is an enhanced
version of the mobile smart device O/S equally designed for the
benefit of consumers and MNOs, and marketed to MNOs as a solution
to increase and maintain their mobile subscriber bases. AiNi™ comes
with a suite of standard applications and features and offers MNOs
the possibility to have additional custom applications and features
developed and integrated to the platform. For more information:
http://www.peakpositioning.com
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.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed Transaction and 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.
Jeanny SoDirector of OperationsCHF Investor
Relations416-868-1079 ext.: 225jeanny@chfir.comJohnson
JosephPresident and CEOPeak Positioning Technologies
Inc.514-340-7775 ext.: 501investors@peakpositioning.com
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