Peak Files Q1 2019 Results Marking Fourth Consecutive Quarter of Revenue Growth
Montreal, Quebec--(Newsfile Corp. - May 23, 2019) - Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today announced its financial results and operating highlights for the three-month period ended March 31, 2019. The first quarter 2019 financial results mark the fourth consecutive quarter that the Company has posted increases in both revenue and EBITDA. All amounts expressed are in Canadian dollars.
Q1 Financial Highlights:
- Total revenue of $949,511
- $1.9M increase in total assets
- 700,000 common shares issued
Historical Revenue and EBITDA Summary
|Q1 2019||Q4 2018||Q3 2018||Q2 2018||Q1 2018|
1 Expenses do not include interest, taxes, depreciation (including impairment of intangible asset in Q4 2018) and amortization
2 EBITDA equals net loss before finance costs, taxes, depreciation and amortization
Q1 Operating Highlights:
- Transfer of credit outsourcing service operations of Wenyi Financial Services Co. Ltd. to the Company's Asia Synergy Credit Solutions ("ASCS") subsidiary
- Start of ASCS operations
- Agreement for ASCS to service up to $1B in loans on behalf of Wuxi Rural Commercial Bank
- First loans serviced by ASCS on behalf of Wuxi Rural Commercial Bank
- Addition of two new commercial lenders to ASCS client list and to Cubeler Lending Hub platform
About First Quarter Financial and Operating Results Summary
Peak's Asia Synergy Financial Capital ("ASFC") subsidiary accounted for the majority of its revenue during the quarter and was once again a profit center for the Company. ASCS made its operational debut and teamed up with Peak's Asia Synergy Data Solutions ("ASDS") subsidiary to account for the balance of the Company's revenue for the quarter. While ASDS continued to invest in the development of the Cubeler Lending Hub, the revenue generated by ASCS during the quarter allowed it to post a modest profit and make a positive contribution to the Company's Q1 EBITDA.
In summary, the Company generated $949,511 in revenue for the quarter ended March 31, 2019 compared to $5,147 for the same period in 2018. Total expenses for the quarter amounted to $1,518,290, compared to $1,060,915 for the same period in 2018.
The net loss for the the three-month period ending March 31, 2019 was $568,779 compared to $1,055,768 for the same period of 2018.
Full details of the Company's first quarter 2019 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month periods ended March 31, 2019 and 2018, which are available at www.sedar.com.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of promising companies and assets in some of the fastest-growing tech sectors in China, including fintech, e-commerce and cloud-computing. Peak provides a bridge for North American investors who wish to participate in the continued digitization of China's industrial sectors through the latest advancements in technology. For more information: http://www.peakpositioning.com.
For more information, please contact:
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 231
Peak Positioning Technologies Inc.
Johnson Joseph, President and CEO
514-340-7775 ext.: 501
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45000