SOURCE: iTeknik Holding Corporation

May 24, 2011 09:35 ET

iTeknik Holding Corporation Posts 63% Increase in Sales With a Substantial Increase in Profits and a 20% Debt Reduction

COMMERCE, MI--(Marketwire - May 24, 2011) - iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, has posted its consolidated financial statements for the first nine months of FY 2011 ending March 31, 2011 on PinkSheets.com.

  • Sales in the first nine months of FY 2011 were $8,700,671 compared to sales of $5,240,270 for the same period in the prior year
  • Net income in the first nine months was $232,085 compared to a loss of ($94,511) in the same period of the prior year
  • Net income from operations was $190,327
  • The Company reduced long-term and short-term debt by 20%

The complete financial report for the first half of FY 2011, through the period ending March 31, 2011, can be viewed at: http://www.otcmarkets.com/stock/ITKH/financials

Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "We are very pleased with our third quarter performance. Our third quarter is typically our slowest quarter of the year. However, sales exceeded the third quarter of FY 2010 and profits from operations more than doubled from last year's quarter. We have enjoyed three strong financial quarters thus far this fiscal year. We were also able to favorably end a legal proceeding and reduce our short and long term debt."

About iTeknik Holding Corporation
iTeknik Holding Corporation 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 13 years of history in the telecommunications industry. For more information please visit website www.iteknik.com and www.sendglobal.com

Safe Harbor: This letter 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.

Contact Information

  • Contact:
    Investor Relations
    iTeknik Holding Corporation
    888-333-1486