SOURCE: iTeknik Holding Corporation

September 13, 2011 09:31 ET

iTeknik Holding Corporation Posts Profit and 59% Sales Increase in FY 2011 Annual Report

COMMERCE, MI--(Marketwire - Sep 13, 2011) - iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, today announced that its sales for FY 2011, which ended on June 30th,were $11,702,974 compared to sales of $7,339,693 for FY 2010. Net income for FY 2011 was $295,135 compared to an adjusted loss of ($8,635) for FY 2010. Other financial highlights include:

  • Assets increased by 113% from prior year
  • Liabilities were reduced by 11%
  • Debt was reduced by 34.5%
  • Total Stockholders' Equity increased by 33.8%

Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "FY 2011 was a very solid year for us. We had a significant improvement over FY 2010's financial performance. Not only did we have a major increase in sales, but we turned in a profit, as compared to a loss in FY 2010 and we improved our balance sheet. In FY 2012 we will continue our focus on improving financial performance, increasing shareholder value, and growing the business."

The complete financial report for FY 2011 including management's discussion of the year can be viewed at:

http://www.otcmarkets.com/stock/ITKH/financials

iTeknik Holding Corporation (PINKSHEETS: ITKH) is classified as "Current Information" and trades on the OTC Pink tier of the OTC Market. For real time quotes and 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.

Contact Information

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