iTeknik Holding Corporation Enters into a Material

New Post Public Reply Private Reply Replies (0) Message Board

Jun 15, 2015 at 3:36 PM

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iteknik-holding-corporation-enters-into-a-material-definitive-agreement-with-growthcap-investments-to-restructure-for-growth-300099293.html

SOURCE iTeknik Holding Corporation

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Cognizant & EBRD Unite for Tech Transformation Push

An Unexpected Collaboration to Watch Sometimes partnerships come out of left field, like this one between Cognizant and the European Bank for Reconstruction and Development (EBRD). These two are teaming up to inject some serious tech smarts into the Bank's operations over the next five years. What's interesting here is the role AI and automation play in their grand...

Parloa's AI Agents Boost SAP Customer Experience

AI Meets SAP in Customer Experience Revolution Alright, let's cut through the tech chatter. Parloa’s Agent Management Platform has hitched its wagon to SAP as a spiffy Solution Extension. This isn't just tech fluff—it’s a big step for scratching that CX itch companies have. By merging Parloa's AI magic with SAP's existing mojo, businesses get a toolset to enhance...

Minesto Teams Up to Unlock Tidal Power in Maldives

The world of ocean energy just got a jolt from an unlikely corner. Minesto, the ocean energy whiz, and Morteza Capital, a savvy investment force entrenched in the Maldives, are shaking hands to usher tidal energy into this paradise. Tidal Waves Meet Tourism When you're talking about the Maldives, you're talking about two main things: pristine tropical getaways and a whole...

Ericsson Executes Bold Share Buyback Plan in Oct.

Ericsson Kicks Off October with Major Share Repurchases Ericsson's taking bold steps in consolidating shareholder value, and folks, this ain't your run-of-the-mill stock-in-the-drawer move. Between October 19 and 23, 2026, Ericsson picked up 500,000 of its own Class B shares. Yep, you heard right—half a million shares just like that, with a neat price tag rounding out...

SurgeONE's Avery Actions: Pioneering AI in Compliance

Revolutionizing Compliance with Avery Actions A brand spanking new player has stepped onto the compliance stage, and it's swinging a pretty big AI bat. SurgeONE.ai unveiled Avery Actions, an industry-first agentic AI platform that's aiming to wrangle all your compliance, cybersecurity, and data governance operations under one interoperable umbrella. It's a bold move, and...

China's 15th Plan: Key Moves in the Capital Markets

Riding the Waves of Reform in China The winds of change are blowing through China's capital markets, and Guosen Securities is putting a stake in the ground with bold priorities for the 15th Five-Year Plan. As far as I'm concerned, the headlines here are thick with implications for anyone eyeing a piece of China's economic pie from 2026–2030. The Pillars of Stability and...

Community in Shock After Fatal Bakersfield Shooting

The Ripple Effect of Tragedy Grief has a way of shaking a community down to its core—especially when the loss emanates from such senseless violence as the shooting death of 17-year-old Levi Brown. This wasn't just a tragic occurrence at a Friday night football game in Bakersfield; it was a visceral crack in the perceived safety of community events. Levi's Legacy and...

Canton Fair: More Than Trade—A Cultural Exchange

Why a Trade Fair Needs Lion Dances October 2026 marks a time when talking about a trade fair means diving headfirst into a whirlpool of global exchange and cultural tango we don’t often see in the West. Yeah, I'm looking at you, Canton Fair—a long-runner over in China that's managed to haul in the globe to not just showcase wares, but bring people together in a clash...

Docusign and SAP Team Up for Seamless Business Flow

Docusign Brings Its A-Game with SAP Partnership Waking up to find Docusign (NASDAQ:DOCU) teaming up with SAP is like getting a surprise deal at the Saturday market—unexpected but welcome. These two giants in their respective fields are joining forces to plant Docusign’s Intelligent Agreement Management (IAM) directly into SAP Sales Cloud and SAP SuccessFactors. If...

EQT Acquires Range Resources: Redefining Gas Markets

A New Chapter in Natural Gas Who would have thought? EQT Corporation, that sturdy old veteran in the natural gas game, finally made its move and snatched up Range Resources, sprinting right out of left field. This merger isn't just about two companies shaking hands; it's about rewriting the entire narrative of America's natural gas landscape. With this acquisition, EQT's...