SOURCE: SUTIMCo International, Inc.
SANTA ANA, CA--(Marketwired - Dec 4, 2013) - SUTIMCo International, Inc. (OTC Pink: SUTI) a multi-project business accelerator company, is pleased to provide third quarter financial and operating results and an update regarding business operations.
For the quarter ended September 2013, SUTIMCo lowered its total liabilities by $7.4 million, or 71% to $3.1 million as compared to the fiscal year ended December 2012. Management lowered accounts payables, accrued expenses, loans to related parties, and convertible notes representing both long and short terms loans by negotiating with most debt holders.
Mr. Fred Rogers, SUTIMCo CEO, stated, "As we prepare to bring to market a business unit we believe strengthening the balance sheet is an important factor and a necessity to better position the company. We worked with our debt holders to negotiate terms that benefited all parties involved. We are even more pleased that most of the debt was converted to common stock and the debt holders are committed to working with us to ensure the growth of SUTIMCo."
SUTIMCo has engaged Crucible Capital, a New York based investment banking firm. Crucible Capital Group, Inc. is a registered Broker-Dealer with FINRA and a member of SIPC. The company has been a presence, globally, in transactions up to $50 Million. Crucible's principal and founder, Chuck Moore, has 28 years of financing experience.
Crucible will be arranging for SUTIMCO a capital raise for the launch of its water business unit.
SUTIMCO's Water Technology Unit intends to be a leader in providing safe and healthy drinking water. The world is 75 percent water, and only 2.5 percent is fresh water two-thirds of which is locked up in icecaps and glaciers. In the end less than 0.75 percent of the Earth's total water supply is available for use. The worldwide demand for freshwater is increasing by 64 billion cubic meters each year (1 cubic meter equals 1,000 liters). Currently more than one billion people around the world use unsafe, contaminated water. Twenty five thousand people die every day from disease associated with lack of access to safe drinking water, inadequate sanitation and poor hygiene and 80% of disease in the developing world is caused by contaminated water.
The solution to this impending disaster is technologies which effectively and economically, filter, desalinate and purify water for both the developed world where costs are becoming an issue and the developing world where access to fresh clean drinking water is a pre requisite for any other form of economic development.
"I have had the pleasure of presenting our business units to a number of institutional investors over the last 2-months and feel confident that Chuck and his team at Crucible can assist me in moving forward," commented Mr. Rogers. "The technology in these business units has been developed by leading Universities and medical professionals, all of which promotes better overall health while addressing the constant need for cost effective programs through proactive programs."
About SUTIMCo International, Inc.
SUTIMCo International, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. SUTIMCo International through its wholly owned subsidiary SUTIMCo, Inc. provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, SUTIMCo can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.
SUTIMCo's robust portfolio of relationships with prestigious American universities is unique and strategic. North American universities invest over $42 billion in science and technology research, with about 15,000 new technologies disclosed annually. SUTIMCo's portfolio of technology and innovation start-ups, in partnership with more than two-dozen of the nation's premier research universities, includes technologies and products in the pre-funding stage and projects in the development process. Each of these business entities is being advanced by the SUTIMCo management team and methodology.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.