Iteknik Holding Corp (OTCMKTS:ITKH) shares were flat on Monday at $0.00270 and unchanged 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 $642,201 at 202.61 million shares outstanding.
Iteknik Holding Corp is a company that is engaged in providing wholesale and retail telecommunications services and products. It is also 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. Its subsidiary is Send Global Corporation.
In a press release, Iteknik Holding Corp announced that it completed its first acquisition by acquiring the assets of Arrowhead Advertising from the TCA Global Master Credit Fund for $4.1 million. The company drew $5 million from its $15 million credit facility and used the $1 million to pay the sellers an additional $1 million dollars in the form of 18-month convertible debt.
With access to the amount of capital provided under this facility we believe that we will be able to secure a number of significant acquisitions to build shareholder value. In conjunction with securing this funding we have developed a new strategy to focus in the media and advertising space. We plan to make an acquisition that will give us base to build from in the media and advertising space and then expand through organic growth and future acquisitions. I also want to thank all of the shareholders who have stayed with us through this long refocusing process,” said Iteknik Holding Corp Chairman and CEO Fred Wicks.
The credit facility was secured earlier this month to be used primarily for making acquisitions.The facility is for 20 months and will provide multiple advances as requested and approved for individual or multiple acquisitions.
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.
For this acquisition, Iteknik Holding Corp formed a new subsidiary called Big Rhino Corporation. The assets were acquired free and clear of any debts and encumbrances, making Big Rhino a full service advertising agency with the initial potential to annually place up to $40 million in traditional media and earn commissions from media placement, digital media and creative work in excess of $4.5 million annually. This subsidiary is expected to earn $1 million annually.
By being part of iTeknik I can focus my team on organic growth, and fulfillment to enhance shareholder value and allow Fred and his team to focus on the Company’s finances and acquisitions. I’m very excited by what we can achieve together. It’s the perfect team that can only get stronger over time!” said newly-hired Big Rhino President Kyle Eng.
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