COMMERCE, Mich., June 17, 2014 /PRNewswire/ -- iTeknik Holding
Corporation (OTC Pink:ITKH), announced today that the scheduled
closing of the agreement with Axiologix, Inc. of Atlanta, Georgia to sell a majority of
iTeknik's outstanding stock has been delayed. This transaction was
expected to close not later than June
7, 2014. However, Axiologix Inc. did not complete the
Purchaser's requirements of the Stock Purchase Agreement that would
have resulted in a majority of iTeknik's outstanding stock being
acquired by Axiologix, Inc. Both parties remain committed to
complete the transaction as soon as possible, however, no new
closing date has been established.
Fredrick W. Wicks, Chairman and
CEO of iTeknik Holding Corporation, stated, "We felt it was
important to update shareholders following the passing of the
targeted close date. At this point we have every reason to
believe that this is only going to be a short delay until closing
as both sides agrees that the combination of companies should
result in a platform that can grow and prosper. However, as
we have learned from prior merger attempts, the Company cannot
afford to wait for extended periods to complete a transaction as it
has negative effects on operations. Consequently the Board is
committed to resume the search for other options, if the delay
becomes extended."
iTeknik Holding Corporation (OTC Pink: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 17
years of history in the telecommunications industry. For more
information please 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, but not limited to, general
market conditions, competition and pricing. Although the Company
believes that the assumptions underlying the forward-looking
statements contained in this press release are reasonable, any of
the assumptions could be inaccurate. Therefore, there can be no
assurance that the forward-looking statements included in this
press release will prove to be accurate. 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 readers
are urged to carefully read those statements. When used, the words
"estimate," "anticipate," "expect," "believe," and similar
expressions are intended to be forward-looking statements.
SOURCE iTeknik Holding Corporation