SOURCE: iTeknik Holding Corporation

June 28, 2011 09:01 ET

iTeknik Holding Corporation Reduces Outstanding Common Shares by 38%

COMMERCE, MI--(Marketwire - Jun 28, 2011) - iTeknik Holding Corporation (PINKSHEETS: ITKH) today announced that the Board of Directors has approved measures to reduce the issued and outstanding shares of iTeknik common stock by 300 million shares. The result of the action reduces the company's common shares from 781,114,987 to 481,114,987. This amounts to a more than 38% decrease in the total number of shares issued and outstanding. Of the 481,114,987 shares that are now issued and outstanding, approximately 320,339,120 shares are restricted. This leaves approximately 160,775,867 shares in the public float.

Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "We are continually trying to increase shareholder value through our operational performance and our stock structure. This is just one of several moves we plan in order to convince the stock market that we are a solid long-term investment."

Recently, the company announced that it had surpassed all of FY 2010's sales in just three quarters of FY 2011 by posting a 63% increase in sales year over year. The complete financial report for the first three quarters of FY 2011, through the period ending March 31, 2011, can be viewed at:

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,,, and 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 and

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.

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