|By Marketwired .||
|May 15, 2014 03:53 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 05/15/14 -- Peak Positioning Technologies Inc. (TSX VENTURE:PKK) ("Peak" or the "Company") today announced that it has concluded its due diligence, has filed the necessary documents with the TSX Venture exchange related to its planned acquisition of the assets associated with Quickable marketplace, and has set a closing agenda to close on the transaction on June 13, 2014.
Peak and Quick Technologies LLC ("Quick Tech"), the current owner of Quickable, are working diligently to draft and execute the necessary legal documents to officially transfer the Quickable assets to Peak. As compensation for the Quickable assets, Quick Tech will receive from Peak, at the closing of the transaction, CAD$200,000 in cash, CAD$200,000 in interest-free promissory notes and 20 million Peak shares at a deemed price of CAD$0.05 per share for a total consideration at closing of CAD$1.4 million. Quick Tech will also receive 5% of the top-line revenues generated by the Quickable.com assets through the end of calendar year 2016 up to a maximum of CAD$600,000 in cash, bringing the total compensation payable to Quick Tech for the Quickable.com assets to CAD$2 million.
"We view Quickable as a key component of our strategic plan going forward, particularly for its potential in the fast-growing Chinese mobile e-commerce market", said Johnson Joseph, President and CEO of Peak. "With that in mind, we strongly believe that this transaction is structured in a way that creates a win-win situation for both Peak and Quick Tech, and that it will ultimately bring significant value to all Peak shareholders", concluded Mr. Joseph.
Debt Settlement with Newfield Partners LLC
Peak also announced that it has settled a "shares for debt" transaction with Newfield Partners LLC ("Newfield"). On May 12, 2014, Peak issued 1,670,040 common shares to Newfield at a deemed price of $0.05 per share to repay $83,502 worth of short-term notes payable to Newfield, which matured on April 30, 2014.
Pursuant to Policy 5.9 of the TSXV and Multilateral Instrument 61-101 Respecting protection of minority security holders in special transactions ("MI 61-101"), the debt settlement transaction constitutes a "related party transaction" as Newfield is controlled by Mr. David Kugler (the "Related Party"), who is a member of Peak's Board of Director. In reviewing the applicable valuation requirements under MI 61-101, Peak has determined that the exemption set out in subsection 5.5 (c) of MI 61-101 is applicable since the transaction is a distribution of securities of Peak to the Related Party for cash consideration. In addition, subsection 5.7(b) provides that a transaction meeting such criteria is also exempt from the minority shareholder approval requirement. Peak has not filed a material change report 21 days prior to the closing of the debt settlement transaction as no agreement to that effect was in place at that time.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSX VENTURE:PKK), 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
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 this 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.
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
Jan. 28, 2015 06:15 PM EST Reads: 4,009
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
Jan. 28, 2015 06:00 PM EST Reads: 3,188
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
Jan. 28, 2015 06:00 PM EST Reads: 2,934
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 05:00 PM EST Reads: 2,108
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
Jan. 28, 2015 04:00 PM EST Reads: 2,704
OneCloud Software has launched the OneCloud Partner Program. Responding to demand from prospective partners, the Program offers managed service providers (MSPs) and resellers the resources they need to grow their business with the OneCloud Recovery solution. OneCloud Recovery is an automated solution for disaster recovery/business continuity (DR/BC), which leverages Amazon Web Services as the disaster recovery site. “This is a tremendous opportunity with an innovative hybrid cloud-based DR pro...
Jan. 28, 2015 03:30 PM EST Reads: 851
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 03:00 PM EST Reads: 2,553
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Jan. 28, 2015 03:00 PM EST Reads: 1,426
MapR Technologies on Tuesday announced the availability of free Hadoop On-Demand Training for developers, analysts and administrators which represents a $50M in-kind contribution* to the broad Hadoop community. The Hadoop training program is a multi-course curriculum designed to expand worldwide adoption of Hadoop technology. The curriculum provides engaging and interactive video lessons, hands-on exercises, labs and quizzes, enabling professionals to acquire valuable Hadoop skills and knowledge...
Jan. 28, 2015 03:00 PM EST Reads: 701
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 02:45 PM EST Reads: 2,410
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 28, 2015 02:30 PM EST Reads: 2,955
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 02:30 PM EST Reads: 2,532
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 02:30 PM EST Reads: 2,584
In this demo at 15th Cloud Expo, John Meza, Product Engineer at Esri, showed how Esri products hook into Hadoop cluster to allow you to do spatial analysis on the spatial data within your cluster, and he demonstrated rendering from a data center with ArcGIS Pro, a new product that has a brand new rendering engine.
Jan. 28, 2015 02:30 PM EST Reads: 1,633
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your onlin...
Jan. 28, 2015 02:15 PM EST Reads: 3,092