TORONTO, ONTARIO--(Marketwired - April 28, 2014) - Eco-Tek (OTCQB:ETEK) operates two subsidiaries. Our Toronto group focuses on lubricant and oil products and does most of its business in the Greater Toronto Area. It has hundreds of transactions with retail stores like Midas, Goodyear and Speedy and the average invoice is in the hundreds of dollars. This operation has had its books ready on time. The Canada operation works from Ottawa and deals with our distribution customers in countries around the world and with our growing list of distributors in North America. It has a few dozen invoices that average in the tens of thousands of dollars. The papers and files for this operation are fine and complete. The accounting group performing the electronic entries were not up to the task and they have been replaced. Eco-Tek has brought in a Certified General Accountant to perform this bookkeeping function and have retained their services on an ongoing basis. They will consolidate the accounts and pass the completed work product to the Auditors this week. The Audit team has indicated that they will be ready to file one to two weeks thereafter.
The impact on the late filing on the Company's ongoing business is nil. The impact on the Company's stock is only that we cannot issue any new shares until the 10K is filed.
Eco-Tek is a great little company with a bright future. We are maintaining growth at about 50% per quarter and that stretches us a little thin sometimes. We make a few mistakes, fix them and try to make different ones next quarter. We get better each time. These filings will get done. The next ones will also get done. Meanwhile, the business continues to grow and our prospects continue to get better.
About Eco-Tek Group Inc.:
Eco-Tek Group Inc., based in Toronto, Ontario was founded in 2009. Dedicated to the development and marketing innovative and cost effective "green" lubrication products for the transportation, industrial and marine industries and development by their experienced chemists and engineers with extensive knowledge in the science of lubrication and related studies. Eco-Tek Group Inc. is dedicated to formulating cutting edge products that make a significant contribution to the reduction of fossil fuel consumption while enhancing quality and performance.
Eco-Tek Group Inc. has marketed the company's products in Ontario for the past number of years and has established a solid base of highly satisfied customers. Recently Eco-Tek has established distributors in South America, and Europe and is now expanding its operations across North America and around the world.
Submitted on behalf of its board
This press release may contain forward-looking statements with respect to business conducted by Eco-Tek Group Inc. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Such forward-looking statements include those that express plan, anticipation, intent, contingency, goals, targets, or future developments and/or otherwise are not statements of historical fact. The words "potentially", "anticipate", "could", "calls for", and similar expressions also identify forward-looking statements. The Company does not undertake to update any forward-looking statements. Factors that could affect actual results include, without limitation, risks associated with: the Company's ability to successfully obtain patents for its technology and the adequacy of such patents; the introduction of competitive technology; the Company's ability to develop, manufacture, license, or sell its products or product candidates; the Company's ability to enter into and successfully execute any license and collaborative agreements; the adequacy of the Company's capital resources and cash flow projections, the Company's ability to obtain sufficient financing to maintain the Company's planned operations, or the risk of bankruptcy; other risks that may be described under Certain Risks and Uncertainties Related to the Company's Business, as contained in the forthcoming Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.F.