iTeknik Holding Corporation Posts Profit in 3Q FY 2015 Financial Report; Secures Funding to Start New Expansion Program

May 19, 2015, 12:20 ET from iTeknik Holding Corporation

COMMERCE, Mich., May 19, 2015 /PRNewswire/ -- iTeknik Holding Corporation (Other OTC: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, today reported 3Q FY 2015 financials.

  • Sales for the nine months ending March 31, 2015 were $5,347,402
  • Net Income for the period was $36,872

The Company also reported that it had obtained funding from Merchant's Cash and Capital of New York to pursue its newly defined expansion program. The program includes:

  • The design and development of new marketing materials to use with independent retail store locations
  • New products and web-site updates to gain additional retail and consumer business
  • Addition of sales management executives in various cities to drive the expansion of the sales in regions such as California, New York and Texas
  • Expansion of Send Global's  independent network of sales agents

Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "The Board has redefined iTeknik's strategy.  We are no longer looking to divest Send Global at this time.  Instead we are investing capital in Send Global in order to create major competitive advantages in the retail and consumer market segments.  We are in the process of developing and launching new products for use on smart phones.  We believe that adding some experienced telecom executives will help us build our independent sales network.  The additional sales agents will be "feet-in-the street" we need to gain new wireless stores and increase our sales in current stores.  This is just a start of some major changes we are planning."

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 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; and wholesale carrier routing services; Web-based reseller solutions; prepaid calling solutions; international cellular calling; and retail point of sale solutions. The company serves B2B carriers, telecom resellers, retail outlets and consumers 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 19  years of history in the telecommunications industry. For more information 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



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