iTeknik Holding Corporation Reports More than $5.8 Million in Sales
and a 25% Decrease in Debt for the First Six Months of FY 2013
COMMERCE, Mich., Feb. 20, 2013 /PRNewswire/ -- iTeknik Holding
Corporation (Other OTC:ITKH), a leader in the telecommunications
industry through its Send Global subsidiary, today posted its six
month FY 2013 financial results. Sales for the period, ending
December 31, 2012, were $5,836,725 compared to $6,185,564 for the prior year. Net Income
was a loss of ($9,764), compared to a
profit of $130,069 during the first
six months of FY 2012. Other financial results for the first
six months of FY 2013 include:
- Debt decreased by 25%
- Operating Expenses were reduced by 9.1%
Fredrick W. Wicks, Chairman and CEO
of iTeknik Holding Corporation, stated, "There were two major
influences on our financials for the period. First, Super Storm
Sandy had a significant effect. Many customers and suppliers
were shut down because of power failures. This included
independent retail stores, affiliated telecommunication carriers
and local phone access suppliers. In addition, the Company
received a deposit on the proposed sale of Send Global
assets. The sale is subject to the results of a financial
audit, so we had to enter this down payment as a current
liability. At the same time there were expenses associated
with the proposed sale that were paid in the second quarter.
Therefore, we recorded a loss for the first six months. Had
we been able to recognize the down payment as income, our financial
report would have shown significant net income."
The Company recently announced that it had signed a purchase
agreement to sell the assets of its Send Global subsidiary. Since
then the Board has been in discussions with a number of
organizations to identify a suitable acquisition or merger once the
sale of Send Global assets is finalized.
The complete FY 2013 2Q Report and Continuing Disclosure Update
can be viewed at:
http://www.otcmarkets.com/stock/ITKH/financials
iTeknik Holding Corporation is classified as "Current
Information" and trades on the Pink tier of the OTC
Market. For 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 on Form 10-K, the words "estimate,"
"anticipate," "expect," "believe," and similar expressions are
intended to be forward-looking statements.
SOURCE iTeknik Holding Corporation