iTeknik Holding Corporation Posts FY 2013 Sales of More than $11.4 million
COMMERCE, Mich., Sept. 30, 2013 /PRNewswire/ -- iTeknik Holding Corporation (Other OTC: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, today posted its unaudited Annual Report for FY 2013. Sales for Fiscal Year 2013 ending June 30, 2013 were $11,422,470. Net Income was $111,847. Other results included:
- Total liabilities decreased 16.0%
- Long-term Debt decreased 36.8%
- Stockholders' equity increased 24%
- Outstanding common shares were reduced from 477,614,987 to 277,614,987
- Outstanding Preferred A shares (convertible to common stock at 1 for 100) were reduced from 3,441,550 to 1,229,000
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "There were a lot of positives for us this year despite heavy competition in the markets we serve. We were profitable for the third year in row. We continued to make significant improvements in our financials in terms of total liabilities, long-term debt and stockholder's equity. We also improved our capital structure by retiring shares."
The complete FY 2013 Financial Report and Continuing Disclosure Update can be viewed at:
iTeknik Holding Corporation (OTC Pink: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 acquire start-up and growth companies involved in the development of new technology and products. iTeknik's Send Global subsidiary provides wholesale and retail telecommunications services, and products worldwide. Send Global's 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 17 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, but not limited to, general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained in this press release are reasonable, any of the assumptions could be inaccurate. Therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. 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 readers are urged to carefully read those statements. When used, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
SOURCE iTeknik Holding Corporation