COMMERCE, MI -- (Marketwire) -- 12/11/12 -- iTeknik Holding Corporation (PINKSHEETS: ITKH) today announced that it has signed an asset purchase agreement with Ceelox, Inc. of Overland Park, Kansas (OTCBB: CELO) to sell the assets of iTeknik's wholly owned subsidiary, Send Global Corporation. The transaction, expected to close in six months, is estimated to be valued at $2 million in cash and Ceelox common stock. Ceelox also recently announced that it has signed an Asset Purchase Agreement with AllCom, a Nevada corporation that is engaged in providing telecommunication, electronic financial services, internet and unified communication services to customers and businesses worldwide. According to Ceelox management, AllCom and Send Global will combine together to establish an industry leading product suite which integrates telecommunications, internet, and financial services into one seamless offering.
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "Over the past three years, we have successfully consolidated our TeleCents and Send Global divisions. The result has been a growth in revenue and profits which has enhanced the value of these assets. Ceelox provided a very favorable offer for Send Global's assets that the Board accepted. With regards to the future of iTeknik, we will continue the strategy of being a holding company that acquires or merges with companies for the purpose of enhancing their value through growth and operational improvements. The Board has been in discussions with a business development organization to identify new acquisitions."
iTeknik Holding Corporation (PINKSHEETS: 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.
iTeknik Holding Corporation