WEST PALM BEACH, FL--(Marketwired - Feb 6, 2017) - iTeknik Holding Corporation (OTC PINK: ITKH) announced today that it had strengthened its Balance Sheet by negotiating settlement agreements with a supplier and two Note Holders. The company settled three debts which consisted of two third party notes and a large trade debt. In all these debts amounted to $252,470. These debts were settled with payments by the Company of $60,490. This resulted in savings to the Company of $197,480. The Company's quarterly filing for the period ending March 31, 2017 will reflect these will reflect these transactions.
In addition to the debt reduction, the agreements prevented the potential issuance of 255 million shares of the Company's common stock by terminating the Note Holders rights of conversion. The Agreements also resulted in the return of 1,499 shares of the Company's Class B Preferred Shares from former affiliates.
Fred Wicks, the Company's CEO stated, "These agreements are just the first steps in our long range strategy to increase the value of our Company and improve our capital structure. Our planned next step in the process will be to uplift to the OTC:QB and become fully reporting. We are currently in discussions with firms to start an engagement and begin our audit."
In January the Company announced that it had acquired the Assets of Arrowhead Advertising using its recently secured $15 million credit facility with TCA Global Master Credit Fund. iTeknik Holding Corporation (OTC PINK: ITKH) is classified as "Current Information" and trades on the OTC Pink tier of the OTC Market. For more information on the company, visit http://www.otcmarkets.com/stock/ITKH/company-info.
About iTeknik Holding Corporation
iTeknik Holding Corporation's strategy (OTC PINK: ITKH) is to acquire fundamentally sound companies that are market accepted, scalable and demonstrate a quantifiable value proposition. Our focus is in companies that have strong market presence, brand awareness and talented and dedicated management teams with the potential to achieve exceptional performance over time in the Marketing, Advertising and Digital Media space. iTeknik lends its operational support, management approach and financial resources to these companies to achieve improvements in both revenue and earnings growth and positioning in the marketplace. iTeknik Holdings currently operates one wholly owned subsidiary; Big Rhino Corp.
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.