Iteknik Holding Corp (PC) (USOTC:ITKH)
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Today : Tuesday 14 August 2012
iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, today announced that it has reduced the number of outstanding common and Preferred A shares by retiring stock held by insiders. The Company said that, in conjunction with this move, it has amended its Wyoming Articles of Incorporation to reduce the maximum authorized common and preferred shares from 1,879,000,000 to 500,000,000.
- Outstanding common shares were reduced from 477,614,987 to 277,614,987 or 41.8%
- Outstanding Preferred A shares (convertible at 1 for 100) were reduced from 3,441,550 to 1,229,000 or 64.3%
- Fully diluted common shares (if outstanding preferred A shares were converted to common) were reduced from 821,769,987 to 400,514,987 shares
- Common stock float remained unchanged at 160,775,867 shares, but now represents 40.1% ownership of the company on a fully diluted basis, up from 19.6%
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "This change is in response to feedback from the investment community that our capital structure was not optimum and concern about stock dilution. In addition, the Board wanted to improve the capital structure in the event a merger or acquisition opportunity becomes available. So the Board took the initiative to retire personal common and preferred shares. The majority of the remaining outstanding common and preferred shares are restricted and governed under SEC Rule 144. When our Annual Report is published in September, I will explain more about the revised share structure."
iTeknik Holding Corporation (PINKSHEETS: ITKH) is classified as "Current Information" and trades on the OTC Pink tier of the OTC Market. For quotes and 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 .
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