Iteknik Holding Corp (OTCMKTS:ITKH) shares rose 32.87% on Friday to $0.00380 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $647K at 214.83 million shares outstanding.
Iteknik Holding Corp is a company that is engaged in providing wholesale and retail telecommunications services and products. The Company is focused on acquiring companies in the telecommunications and digital marketing industries. The Company provides marketing representative services to companies in the telecommunications and chemical industries that service business-to-business customers and consumers, respectively. The Company’s subsidiary is Send Global Corporation.
Last week, Iteknik Holding Corp announced that it had acquired certain assets and hired marketing professionals to fully launch the operations of Big Rhino Corporation. It also aunched a website so clients, prospective clients and shareholders can get more information about Big Rhino’s products and services.
“We encourage our investors and shareholders to go to Big Rhino’s website to see its exciting Product offerings. Big Rhino uses some of the latest digital technology and produces very high quality videos. The web-site showcases some of the creative products that have been developed for our clients,” said Iteknik Holding Corp Chairman and CEO Fred Wicks.
“Being part of iTeknik has really provided us with the resources to start building an exciting operating company. We have already signed twenty-four clients to use our services and we have several more prospects we are pursuing,” responded Kyle Eng, Big Rhino’s President.
In late January, iTeknik Holding Corp completed its first acquisition by acquiring the assets of Arrowhead Advertising from the TCA Global Master Credit Fund. It used funds from a $15 million credit facility, drawing $5 million dollars in cash of which $4.1 million was used to acquire assets owned by TCA. Aside from that, the company agreed to pay the sellers an additional $1 million dollars in the form of 18 month convertible debt.
“This acquisition will provide the basis for future growth both through acquisitions and organic growth. We’ve hired and assembled a talented and experienced team to manage our new operating company,” remarked Wicks.
Soon after, the company strengthened its Balance Sheet by negotiating settlement agreements with a supplier and two Note Holders. It settled three debts which consisted of two third party notes and a large trade debt with payments by the Company of $60,490. These prevented the potential issuance of 255 million shares of the Company’s common stock by terminating the Note Holders rights of conversion.
“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,” mentioned CEO Wicks.