iTeknik Holding Corporation Enters into a Material Definitive Agreement with Growthcap Investments to Restructure for Growth
PR Newswire
COMMERCE, Mich., June 15, 2015
COMMERCE, Mich., June 15, 2015 /PRNewswire/ -- iTeknik Holding Corporation (Other OTC: ITKH), a leader in the telecommunications industry, today announced that on June 8, 2015, iTeknik completed a Stock Purchase Agreement with Growthcap Investments, Inc, a Delaware Corporation that provides corporate advisory services to OTC listed companies in the identification, negotiation and financing of merger and acquisition targets. Growthcap will acquire up to 30% ownership of iTeknik Holding Corporation stock based on the achievement of certain performance targets. As part of the transaction, Mr. John McQuillan, Chief Financial Officer of Growthcap Investments was appointed a Director and a member of the iTeknik Board of Directors. Mr. McQuillan graduated from Trinity College in Dublin with a Bachelor's of Business Studies and became a chartered accountant in 1989.
On May 28, 2015, Jeffrey Lauzon resigned as iTeknik's President and a member of the Board of Directors as part of a stock swap agreement. Mr. Lauzon exchanged the majority of his securities holdings in ITKH for a 49% ownership in Send Global Corporation and an option to increase his ownership up to 70% after a year. Mr. Lauzon will remain as President of Send Global Corporation while Fredrick Wicks remains as Chairman and CEO and a member of iTeknik's Board of Directors.
Mr. Wicks, ITKH Chairman and CEO, stated, "The team at Growthcap Investments brings a great deal of expertise in public company activities that I believe will assist in moving ITKH forward starting with a planned uplift to the OTCQB tier in 2015. Growthcap personnel also have been successful in the merger and acquisitions arena and in raising the necessary capital for these."
Mr. Wicks continued, "By taking these restructuring steps we have created a more suitable corporate structure to target acquisitions or investments in exciting high growth companies. It also allows ITKH to retain value in Send Global as it launches its new marketing initiative and starts to grow again."
iTeknik Holding Corporation (OTC Pink:ITKH) is classified as "Current Information" and trades on the OTC Pink tier of the OTC Market. To read the complete Supplemental Information filing, visit http://www.otcmarkets.com/stock/ITKH/filings
About iTeknik Holding Corporation
iTeknik was founded in 2007. iTeknik's strategy is to grow through acquisition and merger. iTeknik seeks to acquire successful mature companies as well as incubate new start-up ventures. 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; and wholesale carrier routing services; Web-based reseller solutions; prepaid calling solutions; international cellular calling; and retail point of sale solutions. The company serves B2B carriers, telecom resellers, retail outlets and consumers through websites such as www.idirectdial.com, www.MyMobile011.com, www.GreatMinutes.com, www.AloBilady.com, www.IndiaMinutes.com and www.MexicoMinutes.com. For more information 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 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.
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SOURCE iTeknik Holding Corporation
