iTeknik Holding Corporation Reports More than $5.8 Million in Sales and a 25% Decrease in Debt for the First Six Months of FY 2013
COMMERCE, Mich., Feb. 20, 2013 /PRNewswire/ -- iTeknik Holding Corporation (Other OTC: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, today posted its six month FY 2013 financial results. Sales for the period, ending December 31, 2012, were $5,836,725 compared to $6,185,564 for the prior year. Net Income was a loss of ($9,764), compared to a profit of $130,069 during the first six months of FY 2012. Other financial results for the first six months of FY 2013 include:
- Debt decreased by 25%
- Operating Expenses were reduced by 9.1%
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "There were two major influences on our financials for the period. First, Super Storm Sandy had a significant effect. Many customers and suppliers were shut down because of power failures. This included independent retail stores, affiliated telecommunication carriers and local phone access suppliers. In addition, the Company received a deposit on the proposed sale of Send Global assets. The sale is subject to the results of a financial audit, so we had to enter this down payment as a current liability. At the same time there were expenses associated with the proposed sale that were paid in the second quarter. Therefore, we recorded a loss for the first six months. Had we been able to recognize the down payment as income, our financial report would have shown significant net income."
The Company recently announced that it had signed a purchase agreement to sell the assets of its Send Global subsidiary. Since then the Board has been in discussions with a number of organizations to identify a suitable acquisition or merger once the sale of Send Global assets is finalized.
The complete FY 2013 2Q Report and Continuing Disclosure Update can be viewed at: http://www.otcmarkets.com/stock/ITKH/financials
iTeknik Holding Corporation is classified as "Current Information" and trades on the Pink tier of the OTC Market. For 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 on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
SOURCE iTeknik Holding Corporation