SOURCE: iTeknik Holding Corporation

August 14, 2012 09:00 ET

iTeknik Holding Corporation Substantially Improves Its Capital Structure by Reducing Outstanding Common and Preferred Shares

The Company Also Amends Its Articles of Incorporation to Reduce Authorized Shares by 73%

COMMERCE, MI--(Marketwire - Aug 14, 2012) - iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, today announced that it has reduced the number of outstanding common and Preferred A shares by retiring stock held by insiders. The Company said that, in conjunction with this move, it has amended its Wyoming Articles of Incorporation to reduce the maximum authorized common and preferred shares from 1,879,000,000 to 500,000,000.

  • Outstanding common shares were reduced from 477,614,987 to 277,614,987 or 41.8%
  • Outstanding Preferred A shares (convertible at 1 for 100) were reduced from 3,441,550 to 1,229,000 or 64.3% 
  • Fully diluted common shares (if outstanding preferred A shares were converted to common) were reduced from 821,769,987 to 400,514,987 shares
  • Common stock float remained unchanged at 160,775,867 shares, but now represents 40.1% ownership of the company on a fully diluted basis, up from 19.6%

Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "This change is in response to feedback from the investment community that our capital structure was not optimum and concern about stock dilution. In addition, the Board wanted to improve the capital structure in the event a merger or acquisition opportunity becomes available. So the Board took the initiative to retire personal common and preferred shares. The majority of the remaining outstanding common and preferred shares are restricted and governed under SEC Rule 144. When our Annual Report is published in September, I will explain more about the revised share structure."

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