|By Marketwired .||
|July 28, 2014 11:38 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 07/29/14 -- Peak Positioning Technologies Inc. (TSX VENTURE:PKK)(PINKSHEETS:PKKFF) ("Peak" or the "Company") today announced that it has completed a series of "shares for debt" transactions with Newfield Partners LLC ("Newfield") and 986992 Alberta Limited ("98-AB"). The Company has issued a total of 2,517,120 common shares to settle an aggregate amount of $125,856 in notes and expenses payable to the two creditors.
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. On June 11, 2014, Peak issued 470,000 common shares to Newfield at a deemed price of $0.05 per share to repay $23,500 worth of short-term notes payable to Newfield, which matured on May 30, 2014. On July 25, 2014, Peak issued 220,080 common shares to Newfield at a deemed price of $0.05 per share to repay $11,004 worth of expenses payable and short-term notes payable to Newfield, which matured on June 30, 2014. Also on July 25, 2014, Peak issued 157,000 common shares to 98-AB at a deemed price of $0.05 per share to repay $7,850 worth of short-term notes payable to 98-AB, which matured on June 1, 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 transactions with Newfield constitutes "related party transactions" as Newfield is controlled by Mr. David Kugler (the "Related Party"), who, at the time of the transactions, was 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 transactions were distribution of securities of Peak to the Related Party for cash consideration. In addition, subsection 5.7(b) provides that transactions meeting such criteria are 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 transactions as no agreements to that effect were in place at that time.
Resignation of Mr. David Kugler from Peak's Board of Directors
Peak also announced that on July 22, 2014, Mr. David Kugler resigned from his role as a Director of the Company. Peak would like to thank Mr. Kugler for his time and dedication while he was a member of the Board of Directors and would like to wish him the best in his future endeavors.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSX VENTURE:PKK)(PINKSHEETS: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.