TALK 8-K filed 3/2/2016 iTalk, Inc. Enters Fin
Post# of 8802
Posted On: 03/02/2016 7:43:07 PM
Re: Sowthepole #2272
TALK 8-K filed 3/2/2016
iTalk, Inc. Enters Final Stages of Operational and Financial Reporting to Achieve Increased Capital and Future Uplisting
Delray Beach, Florida, March 2, 2016 - iTalk Inc. (OTCQB: TALK) (“iTalk” or the “Company”), a value added distributor and master agent for the wireless industry, announced today that it has recently entered final stages of operational and financial reporting to assist in hitting key benchmarks and goals on the path to fully audited financials, greater capital, and ultimately pursuing uplisting from its current listing on the OTCQB and a cleaner balance sheet.
In achieving these internal benchmarks and reporting requirements, management continues on a firm path towards fully integrating the recent acquisitions United Mobile Solutions, United Prepaid and TouchPoint, which will be seen in an increase of profitability and liquidity of the Company. Management projects non-GAAP revenue attributable to the operations of the recent acquisitions to be at least $16 million per annum this year.
Mr. David Lee, President of iTalk, said, “In the last few months we were able to make great strides forward in enhancing the Company’s position and shareholder value. We have assembled a strong management team, which has implemented austerity controls and a cost cutting program that reduced our non-GAAP operating costs by $60,000 per month. To improve efficiencies, we have made the decision to relocate TouchPoint’s refurbishing operations from Dallas, TX to Norcross GA to be managed closer and improve turn around times while reducing lead times and delays in production and procurement. We are excited to state that as of last week we are fully operational and at full capacity. We are working through a few key business developments and bookkeeping tasks that will give us freedom to move forward and allow us to make more specific announcements in the near future. In our effort to reach profitability, we have engaged in debt restructuring, auditing of financials, and complete reviews of all new acquisitions. We have been been planning strategic moves that will further enhance our reach in our immediate region beginning with expansion plans into Alabama through an opportunity to acquire an existing base of customers from our distributor partner. We have also been in deep discussions with another group in Miami, Florida that could open up opportunities for iTalk with its exclusive branded store distribution. We will continue to explore these opportunities to enter into underserved markets. We are finalizing an agreement with a software company that specializes in wireless business solutions where we could potentially gain access and control of over 4,000 active accounts who are all considered customers. In addition, we have been working closely with our carrier contacts in planning our growth strategy. This strategy will include entering into new markets through both through acquisition and new store buildout with development funding support from the carriers.. This year we will grow into several new cities and key markets. We have reason to believe that our investment into our infrastructure and our reputation for execution with the carriers has positioned us to be considered as a preferred distribution partner in the rapid growth plans of the carriers. If we are able to accomplish our growth strategy in the coming months iTalk will have a national footprint”. Mr. Lee also stated, “The iTalk team’s goal at the end of the day is to work for the investors to create a profitable company.”
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11232437
iTalk, Inc. Enters Final Stages of Operational and Financial Reporting to Achieve Increased Capital and Future Uplisting
Delray Beach, Florida, March 2, 2016 - iTalk Inc. (OTCQB: TALK) (“iTalk” or the “Company”), a value added distributor and master agent for the wireless industry, announced today that it has recently entered final stages of operational and financial reporting to assist in hitting key benchmarks and goals on the path to fully audited financials, greater capital, and ultimately pursuing uplisting from its current listing on the OTCQB and a cleaner balance sheet.
In achieving these internal benchmarks and reporting requirements, management continues on a firm path towards fully integrating the recent acquisitions United Mobile Solutions, United Prepaid and TouchPoint, which will be seen in an increase of profitability and liquidity of the Company. Management projects non-GAAP revenue attributable to the operations of the recent acquisitions to be at least $16 million per annum this year.
Mr. David Lee, President of iTalk, said, “In the last few months we were able to make great strides forward in enhancing the Company’s position and shareholder value. We have assembled a strong management team, which has implemented austerity controls and a cost cutting program that reduced our non-GAAP operating costs by $60,000 per month. To improve efficiencies, we have made the decision to relocate TouchPoint’s refurbishing operations from Dallas, TX to Norcross GA to be managed closer and improve turn around times while reducing lead times and delays in production and procurement. We are excited to state that as of last week we are fully operational and at full capacity. We are working through a few key business developments and bookkeeping tasks that will give us freedom to move forward and allow us to make more specific announcements in the near future. In our effort to reach profitability, we have engaged in debt restructuring, auditing of financials, and complete reviews of all new acquisitions. We have been been planning strategic moves that will further enhance our reach in our immediate region beginning with expansion plans into Alabama through an opportunity to acquire an existing base of customers from our distributor partner. We have also been in deep discussions with another group in Miami, Florida that could open up opportunities for iTalk with its exclusive branded store distribution. We will continue to explore these opportunities to enter into underserved markets. We are finalizing an agreement with a software company that specializes in wireless business solutions where we could potentially gain access and control of over 4,000 active accounts who are all considered customers. In addition, we have been working closely with our carrier contacts in planning our growth strategy. This strategy will include entering into new markets through both through acquisition and new store buildout with development funding support from the carriers.. This year we will grow into several new cities and key markets. We have reason to believe that our investment into our infrastructure and our reputation for execution with the carriers has positioned us to be considered as a preferred distribution partner in the rapid growth plans of the carriers. If we are able to accomplish our growth strategy in the coming months iTalk will have a national footprint”. Mr. Lee also stated, “The iTalk team’s goal at the end of the day is to work for the investors to create a profitable company.”
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11232437
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