iTeknik Holding Corporation Reduces Outstanding Common Shares by 38%
Marketwire “Press Releases”
COMMERCE, MI — (MARKET WIRE) — 06/28/11 — iTeknik Holding Corporation (PINKSHEETS: ITKH) today announced that the Board of Directors has approved measures to reduce the issued and outstanding shares of iTeknik common stock by 300 million shares. The result of the action reduces the company’s common shares from 781,114,987 to 481,114,987. This amounts to a more than 38% decrease in the total number of shares issued and outstanding. Of the 481,114,987 shares that are now issued and outstanding, approximately 320,339,120 shares are restricted. This leaves approximately 160,775,867 shares in the public float.
Fredrick W. Wicks , Chairman and CEO of iTeknik Holding Corporation , stated,
“We are continually trying to increase shareholder value through our operational performance and our stock structure. This is just one of several moves we plan in order to convince the stock market that we are a solid long-term investment.”
Recently, the company announced that it had surpassed all of FY 2010’s sales in just three quarters of FY 2011 by posting a 63% increase in sales year over year. The complete financial report for the first three quarters of FY 2011, through the period ending March 31, 2011 , can be viewed at: http://www.otcmarkets.com/stock/ITKH/financials.