Toronto, Ontario--(Newsfile Corp. - October 16, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider and operator of the Cubeler® Business Hub, today announced that its program launched in October 2022, with the objective of bringing better distribution and delivery efficiency to online consumer goods retailers and distributors in China, is now processing over 3,000 orders per day.
The program, launched in partnership with Fast Duck Logistics Ltd. ("Fast Duck") in the city of Chengdu, leverages existing third-party retail outlets throughout the city and essentially converts them into micro distribution hubs for participating online retailers. Thanks to the Fast Duck Supply-chain Management software and through Fast Duck's partnership with e-commerce portals like JD.COM, select online orders placed on the e-commerce portals are rerouted for fulfilment at the third-party retail outlets where limited product inventories are kept for delivery by Fast Duck. The entire process is managed through the Fast Duck Supply-chain Management software, which was developed by and belongs to Tenet. The software is now a sub-module of Tenet's Gold River platform, which itself is a subset of the Cubeler® Business Hub.
Approximately 277,000 orders, containing over 460,000 parcels, were processed through the program during the third quarter of 2023. After a successful debut in Chengdu in the fall of 2022, the Company and Fast Duck expanded their logistics and delivery services to Beijing, Sichuan, Mianyang, Guangzhou, Guangdong and Shanghai. The Company is planning to service every major city and region in China by the end of 2025.
"Imagine being a small local retailer and suddenly having a network of local distribution centers throughout the country and the logistical power to deliver products ordered on your online store within twenty-four hours of when the orders were placed, or even the same day in some cases," commented Liang Qiu, CEO of Tenet's Chinese operations. "That's exactly what we are bringing to the table with this program. While we will continue to work with Fast Duck as a delivery partner, we also plan on working with other delivery service providers for quicker expansion across the country, for greater delivery efficiency and to eventually be able to handle a greater variety of goods, similar to how the restaurant industry has partnered with ride-sharing service providers to quickly deliver meals to their clients. We couldn't be more pleased with how the program has turned out so far. Everything we've been doing in China for the past three years has been with a view of helping SMEs prosper, and not just those located in China. We've made it clear that one of our objectives through the Cubeler® Business Hub is to allow SMEs around the world to sell their products globally. We believe that the success of this program shows our ability to provide SMEs with the logistical support needed to sell and distribute their products in the world's second largest economy. We still have a few things to iron out before we can offer access to the Chinese market to Canadian Cubeler® Business Hub members, but an important part of the work to get there has now been accomplished," concluded Mr. Qiu.
In addition to using the program to eventually provide Canadian SMEs access to the Chinese market, Tenet is planning on replicating the program first in Canada, then eventually wherever the Cubeler® Business Hub operates to provide similar product delivery efficiency to Cubeler® Business Hub members in their local markets.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
For more information, please contact:
Tenet Fintech Group Inc.
Christina Boyd, Director, Investor Relations
Johnson Joseph, Chief Executive Officer
514-340-7775 ext.: 501
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
Certain statements included in this press release constitute "forward-looking statements" under Canadian securities law, including statements in respect to the future operations and investments of and in the Company and any statements based on management's assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its plans and assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets", or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; global financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the "Risks and Uncertainties" section of the Company's MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.