The Company Also Amends Its Articles of Incorporation to Reduce Authorized Shares by 73%
COMMERCE, MI--(Marketwire - August 14, 2012) - iTeknik Holding Corporation (
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 (
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.
iTeknik Holding Corporation