Peak Subsidiary ASDS and Partners Team Up to Help Xian Taxi Drivers Upgrade Their Fleets

October 07, 2019 7:30 AM EDT | Source: Tenet Fintech Group Inc.

Montreal, Quebec--(Newsfile Corp. - October 7, 2019) - Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today announced that its Asia Synergy Data Solutions ("ASDS") subsidiary has teamed up with automobile dealer Xian Fenghui Automobile Service Company ("FASC") and Shanghai Industrial Financial Leasing ("SIFL") (http://www.siicfl.com/) to create a program that allows taxi drivers in Xian to lease vehicles from FASC, financed by SILF based on credit analysis conducted by ASDS.

Xian taxi drivers looking to upgrade their fleets can now walk into the main FASC dealership and walk out with a brand new vehicle financed by SIFL within an hour or two, thanks in large part to ASDS' Cubeler Lending Hub platform's credit analysis capabilities. The newly created program allows FASC representatives to use Cubeler to quickly analyze data on prospective clients and assess whether or not they meet the credit criteria established by SIFL under the program. More than a dozen taxi drivers were approved for funding within the first week of the implementation of the program, which is expected to be expanded to all FASC locations throughout Shaanxi province by the end of 2019.

"This new initiative to help Xian taxi drivers is yet another application of how Cubeler is expected to continue to bring value to the commercial lending space," commented Liang Qiu, CEO of Peak Group China. "Working with SIFL and essentially having them endorse our credit analysis capabilities is invaluable to us at such an early stage of ASDS' existence. We couldn't be more pleased with the new program and new partnership, and look forward to continue to work with industry leaders to make commercial lending in China more efficient," concluded Mr. Qiu.

SIFL is a wholly-owned subsidiary of Shanghai Industrial Investment Company Ltd. ("SIIC") (https://www.siic.com/), one of China's largest state-owner conglomerates. SIIC is deeply involved at the national level both as a business enterprise and in helping shape policy when it comes to health care, infrastructure projects, the environment, consumer products and financial services. It is also the parent company of several large publicly-traded companies who play key roles in China's industrial development, urban development, real estate development and its pharmaceutical industry. As part of the SIIC group, part of SIFL's mandate is to help spur economic development by providing financial assistance to Chinese SMEs, including those in the transportation services industry.

Re-Pricing of Warrants and Client Acquisition

On October 2, 2019, Peak re-priced a total of 5.6M share purchase warrants due to expire in April 2021. The warrants had an original exercise price of $0.10 and are now re-priced to $0.05. The expiry date of the warrants remains the same. If the warrants are exercised, Peak would use part of the proceeds to invest in ways to help accelerate the rate of client acquisition of some of its subsidiaries.

About Peak Positioning Technologies Inc.:

Peak Positioning Technologies Inc. is the parent company of a group of innovative financial technology (Fintech) subsidiaries operating in China's commercial lending industry. Peak's subsidiaries use technology, analytics and artificial intelligence to create an ecosystem of lenders, borrowers and other participants in China's commercial lending space where lending operations are conducted rapidly, safely, efficiently and with the utmost transparency. For more information: http://www.peakpositioning.com

For more information, please contact:

CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 231
cathy@chfir.com

Peak Positioning Technologies Inc.
Johnson Joseph, President and CEO
514-340-7775 ext.: 501
investors@peakpositioning.com

Twitter: @PeakPositioning
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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. 

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