iTeknik Holding Corporation Substantially Improves Its Capital Structure by Reducing Outstanding Common and Preferred Shares
14 Agosto 2012 - 3:00PM
Marketwired
iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the
telecommunications industry through its Send Global subsidiary,
today announced that it has reduced the number of outstanding
common and Preferred A shares by retiring stock held by insiders.
The Company said that, in conjunction with this move, it has
amended its Wyoming Articles of Incorporation to reduce the maximum
authorized common and preferred shares from 1,879,000,000 to
500,000,000.
- Outstanding common shares were reduced from 477,614,987 to
277,614,987 or 41.8%
- Outstanding Preferred A shares (convertible at 1 for 100) were
reduced from 3,441,550 to 1,229,000 or 64.3%
- Fully diluted common shares (if outstanding preferred A shares
were converted to common) were reduced from 821,769,987 to
400,514,987 shares
- Common stock float remained unchanged at 160,775,867 shares,
but now represents 40.1% ownership of the company on a fully
diluted basis, up from 19.6%
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding
Corporation, stated, "This change is in response to feedback from
the investment community that our capital structure was not optimum
and concern about stock dilution. In addition, the Board wanted to
improve the capital structure in the event a merger or acquisition
opportunity becomes available. So the Board took the initiative to
retire personal common and preferred shares. The majority of the
remaining outstanding common and preferred shares are restricted
and governed under SEC Rule 144. When our Annual Report is
published in September, I will explain more about the revised share
structure."
iTeknik Holding Corporation (PINKSHEETS: ITKH) is classified as
"Current Information" and trades on the OTC Pink tier of the OTC
Market. For quotes and market information on the company, visit
http://www.otcmarkets.com/stock/ITKH/company-info.
About iTeknik Holding Corporation iTeknik Holding Corporation
was formed to develop and launch new technology and products in the
global communications market. Through its Send Global subsidiary,
iTeknik provides wholesale and retail telecommunications services,
and products worldwide. Its services include voice over Internet
protocol origination and termination; A-Z routing and switching;
wholesale carrier routing services; reseller billing and reporting;
Web-based reseller solutions; prepaid calling card solutions;
international cellular calling; and retail point of sale solutions.
The company serves B2B carriers, telecom resellers, retail outlets
and consumers direct through websites such as www.MyMobile011.com,
www.GreatMinutes.com, www.AloBilady.com, www.IndiaMinutes.com and
www.MexicoMinutes.com. iTeknik Holding Corporation was founded in
2007 and is based in Commerce, Michigan. Through its subsidiaries,
iTeknik has more than 16 years of history in the telecommunications
industry. For more information please visit website www.iteknik.com
and www.sendglobal.com.
Safe Harbor: This document contains
certain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended, which are intended
to be covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the ability of the
Company to successfully implement its turnaround strategy, changes
in costs of raw materials, labor, and employee benefits, as well as
general market conditions, competition and pricing. Although the
Company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of
the assumptions could be inaccurate, and therefore, there can be no
assurance that the forward-looking statements included in this
letter will prove to be accurate. In light of the significant
uncertainties inherent in the forward-looking statements included
herein, the inclusion of such information should not be regarded as
representation by the Company or any other person that the
objectives and plans of the Company will be achieved. In assessing
forward-looking statements included herein, readers are urged to
carefully read those statements. When used in the Annual Report,
the words "estimate," "anticipate," "expect," "believe," and
similar expressions are intended to be forward-looking
statements.
Contact: Investor Relations iTeknik Holding Corporation
888-333-1486
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