WEST PALM BEACH, FL--(Marketwired - Feb 6, 2017) -
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Posted On: 02/06/2017 7:03:50 PM
WEST PALM BEACH, FL--(Marketwired - Feb 6, 2017) - iTeknik Holding Corporation (OTC PINK: ITKH) announced today that it had strengthened its Balance Sheet by negotiating settlement agreements with a supplier and two Note Holders. The company settled three debts which consisted of two third party notes and a large trade debt. In all these debts amounted to $252,470. These debts were settled with payments by the Company of $60,490. This resulted in savings to the Company of $197,480. The Company's quarterly filing for the period ending March 31, 2017 will reflect these will reflect these transactions.
In addition to the debt reduction, the agreements prevented the potential issuance of 255 million shares of the Company's common stock by terminating the Note Holders rights of conversion. The Agreements also resulted in the return of 1,499 shares of the Company's Class B Preferred Shares from former affiliates.
Fred Wicks, the Company's CEO stated, "These agreements are just the first steps in our long range strategy to increase the value of our Company and improve our capital structure. Our planned next step in the process will be to uplift to the OTC:QB and become fully reporting. We are currently in discussions with firms to start an engagement and begin our audit."
In addition to the debt reduction, the agreements prevented the potential issuance of 255 million shares of the Company's common stock by terminating the Note Holders rights of conversion. The Agreements also resulted in the return of 1,499 shares of the Company's Class B Preferred Shares from former affiliates.
Fred Wicks, the Company's CEO stated, "These agreements are just the first steps in our long range strategy to increase the value of our Company and improve our capital structure. Our planned next step in the process will be to uplift to the OTC:QB and become fully reporting. We are currently in discussions with firms to start an engagement and begin our audit."
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