SCOTTSDALE, AZ--(Marketwired - Nov 21, 2016) - EnergyTek Corp. (OTCQB: ENTK) (the "Company"), the parent of Timefire LLC, a software company with a virtual reality platform for immersive, interactive and social experiential learning, today announced that, effective November 22, 2016, the Company will change its name from EnergyTek Corp. to TimefireVR Inc. ("TimefireVR"), accurately reflecting the Company's primary line of business within the virtual reality industry. In addition to the name change, the Financial Industry Regulatory Authority (FINRA) has approved 'TFVR' as the Company's new ticker symbol. For a period of twenty business days, the Company will trade under the symbol 'ENTKD,' at which point following that period the Company will trade under the symbol 'TFVR.'
Jonathan Read, Chief Executive Officer of TimefireVR, stated, "TimefireVR has built a curated virtual reality world that is immersive and social, unique in virtual reality as compared to very few other comparable fantasy and unregulated platforms. Our approach is to offer our users a world of education, entertainment, commerce and interaction. For the first time, our users will be able to buy a home in Hypatia, furnish it, invite friends into their virtual home and explore all the wonders of this world whether it is going for a ride on their bike, hop on a boat or visit a museum. Going public, and appropriately changing our name and symbol, allows us a platform to tell our story and introduce TimefireVR to the investment community."
The name and symbol change follows Timefire LLC entering into an Agreement and Plan of Merger with EnergyTek Corp., which became effective on September 13, 2016. Pursuant to the agreement, TimefireVR has completed a one for ten reverse stock split of its common stock. The record date of the stock split is November 21, 2016. Shareholders of record as of such date will receive one share of the Company's common stock for each ten shares that they own as of the market close on the record date. The distribution of the new shares will be made available on November 22, 2016. The Company's transfer agent records will be updated to reflect the stock split and shareholders are not being asked to submit their certificates for exchange or cancellation. As a result of the stock split, the outstanding shares of the Company's common stock will decrease from approximately 431.3 million shares outstanding to approximately 43.1 million shares outstanding.
About TimefireVR Inc.:
TimefireVR Inc. is an Arizona based software company established in early 2014 with a virtual reality platform to a new world of entertainment, social media, commerce, cultural immersion, and entertainment for unique and interactive experiential learning. Hypatia, the Company's first virtual reality global city in development for over two years, combines entertainment, social media, cultural immersion, and gaming acting as a framework for cultural exploration. TimefireVR is targeting the launch of its deeply immersive virtual city/world Hypatia during the first quarter of 2017. A trailer for Hypatia can be seen at www.timefirevr.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding development of TimefireVR's products and future monetization. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the future condition of the capital markets in general and the market for microcap securities, the public's and future investors' reaction to and acceptance of virtual reality, and software bugs that could delay TimefireVR's successful development of its Virtual Reality platform. Further information on our risk factors is contained in our filings with the SEC, including the Annual Report on form 10-K for the year ended December 31, 2015. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.