SOURCE: iTeknik Holding Corporation

September 15, 2010 14:44 ET

iTeknik Holding Corporation Releases Its Annual Financial Report for FY 2010

COMMERCE, MI--(Marketwire - September 15, 2010) -  iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the telecommunications industry, today released its consolidated financial statements for the 12-month period of FY 2010 ending June 30, 2010. 

  • Sales for the 12 months ending June 30, 2010 were $7,339,693
  • This was an increase in sales of 5.4% over the prior year when a one time adjustment of $402,168 for deferred revenue is excluded
  • Net income from discontinued operations was $2,939,118
  • Net loss from continuing operations was $410,803

Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "Fiscal Year 2010 saw significant changes to our operations. We moved our Network Operations Center and we closed our wholesale carrier subsidiary, TeleCents Communications Inc. These strategic actions had a major effect on our financials as we disclose in our footnotes. However we are pleased with our accomplishments and feel that we are ready to take advantage of an improving economy."

The Annual Report for FY 2010, through the period ending June 30, 2010, can be viewed at: http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=36503

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.greatminutes.com and www.indiaminutes.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