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.
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SOURCE iTeknik Holding Corporation