iTeknik Holding Corporation Provides Update on Pending Axiologix Transaction
COMMERCE, Mich., June 17, 2014 /PRNewswire/ -- iTeknik Holding Corporation (OTC Pink:ITKH), announced today that the scheduled closing of the agreement with Axiologix, Inc. of Atlanta, Georgia to sell a majority of iTeknik's outstanding stock has been delayed. This transaction was expected to close not later than June 7, 2014. However, Axiologix Inc. did not complete the Purchaser's requirements of the Stock Purchase Agreement that would have resulted in a majority of iTeknik's outstanding stock being acquired by Axiologix, Inc. Both parties remain committed to complete the transaction as soon as possible, however, no new closing date has been established.
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "We felt it was important to update shareholders following the passing of the targeted close date. At this point we have every reason to believe that this is only going to be a short delay until closing as both sides agrees that the combination of companies should result in a platform that can grow and prosper. However, as we have learned from prior merger attempts, the Company cannot afford to wait for extended periods to complete a transaction as it has negative effects on operations. Consequently the Board is committed to resume the search for other options, if the delay becomes extended."
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 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 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