TORONTO, ONTARIO--(Marketwired - May 16, 2014) - Eco-Tek Group Inc. (OTCQB:ETEK) is pleased to provide further update information with regards to the 10K filing. Our Chartered Accountants have now completed their work on our Consolidated Books and after consulting with our Auditors Wednesday with regards to their work product have decided on several adjustments and now expect have the books to the Audit team by the end of the business day Friday. Work on the first quarter 10Q is proceeding and we still expect this to be filed right after the 10K.
To provide a further update to the Conference Call for investors, to be scheduled shortly, we will also discuss our upcoming plans and events with regards to product certification for the European marketplace. This certification will lead to huge growth in the EU countries. Also our Legal Advisors are just completing a change in Authorized Shares for another client using a less involved and less expensive method than the standard model. We are hopeful that they can file our 7 Billion to 1 Billion change in a similar way. We will have further information on this for the Conference Call.
Eco-Tek has engaged the services of an Attorney to take responsibility for ensuring that the Company is compliant in all its future filings and as well as a directive to become a fully reporting OTCQB Company in early Q3 and OTCQA by the end of Q4.
We will soon have another new distributor in South America following the program that we have established that allows us to quick start new distributors and contribute to their ongoing successes. The program requires the new Distributor to place a demo order of four systems for which we have them pay in advance by the same wire process that they would use for a larger order. This allows us to have their financial information to obtain approval from Export Development Canada (an organization similar to US EXIM Bank) for payment guarantees for larger orders. We then ship the demo order by the same process that we would use for a larger order so that we establish a process for export and import into the distributors country. (Customs requirements, government regulations and taxes vary greatly around the world) When the units arrive we have the new distributor arrange for the installation of three as demos in potential customers. We send a training team to do this installation and while we are there we use the fourth unit for presentations that we perform in Hotels etc. in front of the Distributor's prospective customers. The three demo units turn into the Distributors first customers and the presentations give the Distributor a kick-start to their marketing. Eco-Tek is in discussions with several more prospective Distributors in various countries. With these additions to the growing Eco-Tek team, we will continue to achieve our 50% quarterly increase in sales, stay on track to achieve 2.2 to 2.8 million in revenues and realize profitability by the end of 2014.
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.