C-PKK Peak Positioning Technologies Inc

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  1. snstock

    snstock New Member

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    Peak's Asia Synergy receives $193M purchase order

    2016-07-05 09:26 ET - News Release


    Mr. Johnson Joseph reports

    PEAK SUBSIDIARY SIGNS CAD$190M PURCHASE ORDER AGREEMENT

    Peak Positioning Technologies Inc.'s Chinese subsidiary, Asia Synergy Technologies Ltd., has entered into a purchase order agreement worth one billion renminbi (approximately $193-million) over an 18-month period with Shanghai-based Guangda Industrial Company Ltd.

    Guangda is a wholly owned subsidiary of state-owned Guangda International Construction Engineering Corp. The company primarily provides communications and electrical engineering services, and sells chemical and non-chemical-based raw materials, ferrous and non-ferrous metals, aviation equipment, and textile materials through a proprietary e-commerce platform. Under the terms of the agreement, Guangda will purchase one billion renminbi worth of non-ferrous metals and chemical products from AST between July, 2016, and December, 2017, at a price to be agreed to by the parties based on prevailing market conditions at the time of the transactions.

    "This initial purchase order agreement is yet another very important milestone for Peak and is evidence of all of the hard work that our team in China has put in over the past several months," commented Johnson Joseph, president and chief executive officer of Peak. "We'll be looking to build on this first agreement with similar types of agreements over the next few weeks and months," added Mr. Joseph.

    The company expects the first few transactions associated with today's announced agreement to be conducted off-line. Guangda and AST will look to have the transactions related to their agreement transitioned over to the Gold River Web-based platform as soon as it will be practical for them to do so.
     

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