Tenet Fintech Group Inc - PKKFF stock
Description[edit]
PKKFF - Tenet Fintech Group Inc. (OTC: PKKFF, CSX: PKK) is a portfolio management company for a group of upcoming and developing financial technology (Fintech) and artificial intelligence (AI) companies. The company and its subsidiaries avail a myriad of analytics and AI-based services to various businesses and firms in the tech sectors via the Tenet Business Hub. The firm’s range of services includes assembling, financing, and management of companies and assets. Tenet operates through the Fintech platform, Financial Services, and Other segments. The Fintech Platform segment provides technology platforms that facilitate financial transactions between transacting institutions in the lending industry. The Financial Service segment provides entrepreneurs and SMEs with commercial loans at favorable terms and gives end-to-end outsourcing services to lending institutions such as banks. The Other segment provides parental services to activity and unallocated portions in Canada and all non-operating holdings registered in China and Hong Kong. Tenet Fintech Group Inc. was incorporated in 2004 and has its headquarters in Toronto, Canada. Its common stock is publicly traded on CSE under the PKK symbol and OTC Markets under the PKKFF ticker symbol.[1]
Business Operations[edit]
Tenet is determined to connect and create a gigantic local economy for all small businesses across the globe using the power of AI, analytics, and online networking. Its ultimate goal is to develop an AI-powered network that will empower all SME entrepreneurs with all the ingredients required to skyrocket their businesses to new heights and create positive impacts on the local economies in which they operate. The company advances its analytics and AI-based services to businesses and institutions through Tenet Business Hub. Tenet Business Hub is a global ecosystem that uses analytics and AI to facilitate business-to-business transactions. The platform helps create powerful links among SME execs across industries internationally. Tenet is continuously expanding the Business Hub, which contains a subset of country-specific networks that ease the connection among participants. The platform enables interested business owners, local entrepreneurs, and SME business executives to:
- Obtain pre-qualified credit offers and loans,
- advertise their products and services to both the local and global markets,
- interact and network with other business owners and execs including suppliers and distributors, and even conduct private chats with these parties,
- access unique market insights and intelligence reports regarding different industries, and
- priority access to relevant and timely business and industry news and personalized content enabling them to stay ahead of the competition.[2]
Capital Market Footprint[edit]
Tenet also focuses on revenue generation through its operations and long-term strategic portfolio expansion activities in Canada, China, North America, and gradually the rest of the world. The company raised approximately $48 million in proceeds from its 2021 short-form prospectus financing. Tenet distributed a larger chunk of the proceeds to fuel business development and expansion in China, and a significant amount for the launch of North American operations. The company is consistently working with the U.S. Securities and Exchange Commission for the re-listing of its securities on NASDAQ and increasing access to the U.S. capital markets. The firm is also targeting the e London Stock Exchange in 2023 as its Business Hub membership expands to absorb European SME owners and executives.[3]
Critical News and Updates[edit]
Tenet, on Dec. 23, 2022, announced that it had kicked off its private placement financing with the sale of 308 for CAD$3,080,000 in gross proceeds. The company is expected to sell up to 700 units for gross proceeds of approximately CAD$7,000,000 during the placement. Each unit comprised a face value of CAD$10,000 of non-secured convertible debentures and 10,000 warrants to buy the Company’s common shares at CAD$2.00 before the expiry date of the warrants per the terms and conditions. The debentures are set to mature 24 months from the issuance date while the warrants expire 24 months from their issuance date.[4]
Tenet launched Cubeler Business Hub in Canada on Nov. 30, 2022, to widen its footprint in North America. The company disclosed that the underlying hub had massed roughly 5,000 pre-registered small and medium-sized businesses. The Cubeler Business Hub helps owners of subscribed small business enterprises unlock the growth potential of the associated businesses by availing credit and funding options, providing detailed market insights, providing quality advertising platforms, etcetera.[5]
Tenet released its Q3 financial results on No. 29, 2022. Highlights of the company’s financial performance include:
- generated $21.6M in total revenue, inclusive of $1.7M realized from insurance-related services and $1.1M from its YunFleet Platform
- incurred a net loss of $7.7M, which included a total of $4,218,826 in impairment charges from its Heartbeat platform acquisition
- recorded adjusted EBITDA of $3.8M.[6]
The company acquired 100% of Asia Synergy Transportation Hub ("ASTH"), its most recent Chinese subsidiary, charged with managing Yun Fleet Platform, Tenet’s shipping and transportation unit on Oct. 7, 2022. Yun Fleet is expected to step up operations in the Chinese freight and transportation industry.[7]
Management[edit]
Johnson Joseph, MBA, Chief Financial Officer
- Has been the company’s president and CEO since 2011
- He previously served in the financial service industry for approximately eight years as an advisor with the Investors Group
- Holds an MBA in Information Technology from HEC Montreal
- Has a Bachelor’s degree in Finance from Texas Tech University.
Liang (Golden) Qiu, M. Sc., CEO, Tenet, China
- Has held the post since 2016
- A previous founder and CEO of Olwin International Ltd., an e-commerce and IT solution service provider
- Holds a Master’s degree in Computer Science from McGill University.
Jean Landreville, CPA, CA
- Has over 30 years of experience obtained in Canada and Europe
- He is specialized in the strategic, financial, and operational management of varying business sizes
- He holds a CPA, CA, and a Bachelor of Business Administration from HSC Montreal.
Additional key members of the board include Dylan Tinker, B. Sc., Chair of the Audit Committee and Risk Management Committee, and Carol Penhale, B.Sc, Chair of Corporate Governance.[8]
Legal Summon[edit]
On Oct. 27, 2022, Johnson Joseph, Tenet’s CEO came out to clear the air about a ‘Request for Documents/Information letter’ addressed to the company by the Quebec securities regulator, the Autorité des marchés financiers (the “AMF”) in July 2022. The AMG had made claims about Tenet’s CEO’s role in a suspected stock market manipulation scheme on the company’s securities. Johnson Joseph explicitly responded to a couple of questions from Pioneering Markets denying awareness of any stock manipulation activity by him or the company.[9]
- ↑ wsj.com/market-data/quotes/PKKFF/company-people – Tenet Description.
- ↑ THE TENET BUSINESS HUB™ - Tenet Fintech website. Accessed on 12/23/2022.
- ↑ TENET FINTECH GROUP INC. MANAGEMENT’S DISCUSSION AND ANALYSIS for the PERIOD ENDED SEPT. 30, 2022, pages 4 & 5. Retrieved on 12/23/2022.
- ↑ Tenet Announces Private Placement of up to CAD$7M Non-Secured Convertible Debenture Financing Ahead of Pending Prospectus Offering – Yahoo Finance. Retrieved on 12/24/2022.
- ↑ Tenet Expands into North America with Launch of Cubeler Business Hub (TM) in Canada – Tenet Newsroom.
- ↑ Tenet Reports $21.6M in Revenue for Q3 2022 as Operations Felt Impact of Economic Conditions in China – Yahoo Finance.
- ↑ Tenet's New Chinese Subsidiary to Manage Shipping and Transportation Platform – Tenet Newsroom.
- ↑ Corporate Governance, Our board, committees, and governance documents – Tenet website. Retrieved on 12/24/2022.
- ↑ Q&A with Tenet Fintech Group Inc. CEO and Pioneering Markets to Address AMF Allegations – Pioneering Markets. Retrieved on 12/24/2022.
OTC Symbol: PKKFF | OTC Tier: Pink Current
