iTeknik Holding Corporation Posts 29.7% Increase in Revenues from Prior Year to $2,458.976 in its Third Quarter Report for the Period Ending September, 30, 2018
West Palm Beach, FL, Nov. 15, 2018 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK: ITKH) today announced its third quarter results for the period ending September 30, 2018. The results for the period were from its wholly owned subsidiaries, Big Rhino Corporation and the Blender Company.
Highlights of the financials which are posted on OTC Markets include these improvements over prior periods:
-- Revenues improved 29.7% from the prior nine-month period from $1,587,457 to $2,458,976 -- Revenues improved 6.8% from the prior three-month period from $815,880 to $871,519 -- Gross Margins were 50% and 51% for the three- and nine-month periods respectively -- The Company also reduced its net loss quarter-over-quarter by 11.3%
The net loss for the current quarter includes $225,000 of interest payments accrued as part of the TCA Global Fund debenture agreement. The interest is accrued in the Company’s financial reports but has not been paid due to its ongoing litigation with TCA Global Fund. Management expects the Company to prevail in the litigation. If it does prevail these interest charges will be reduced significantly.
Fred Wicks, iTeknik’s Chairman and CEO said, “Kyle Eng and his team at Big Rhino Advertising grew their company at an exceptional rate of 105% in 2017 its first year of operation. They continue to grow at an impressive rate. If we prevail in our lawsuit or come to an agreement with TCA we will use the Big Rhino model to pursue acquisitions of additional agencies and increase the value of iTeknik.”
Wicks also said, “We are getting close to completing our financial audit of iTeknik. Once the audit is complete, we can become fully reporting. Being fully reporting along with our solid growth will make the Company much more valuable to investors.”
iTeknik Holding Corporation (OTC Pink:ITKH) trades on the OTC Pink tier of the OTC Market and is classified as “Pink Sheet Current Information.” To view complete posted financials on the company, visit https://www.otcmarkets.com/stock/ITKH/filings.
About iTeknik Holding Corporation:
iTeknik Holding Corporation’s strategy (OTC Pink: ITKH) is to acquire fundamentally sound companies that are market accepted, scalable and demonstrate a quantifiable value proposition. Our focus is in companies that have strong market presence, brand awareness and talented and dedicated management teams. We primarily seek companies with the potential to achieve exceptional performance over time in the Marketing, Advertising and Digital Media space and related technologies. iTeknik may lend its operational support, management approach and financial resources to these companies to achieve improvements in revenue and earnings growth as well as positioning in the marketplace. iTeknik Holdings currently operates one wholly owned subsidiary, Big Rhino Corporation. For more information check us out at www.iteknik.com.
About Big Rhino Corporation:
Big Rhino Corporation is a wholly owned subsidiary of iTeknik Holding Corporation and is a full-service advertis- ing and digital media agency. Big Rhino excels in providing on-strategy, fast, precise and creative marketing solu- tions that get our clients BIG results. We maintain a nimble in-house creative team with a unique talent for deliver- ing the highest quality creative that we believe is faster than anyone else. When combined with our completely inte- grated digital, interactive and media teams, our clients have access to a strategic and responsive advertising machine. For more information check us out at www.bigrhino.agency
About Blender Company, LLC:
The Blender Company LLC. Blender, part of our holdings, is an Arizona based multi-cultural focused advertising and digital media firm with long standing clients in the state and local government agencies. Blender’s has exten- sive minority business enterprise (“MBE”) experience. Blender holds government contracts and has significant po- tential to expand business within state and local government agencies in Arizona.
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 state- ments involve risks and uncertainty, including without limitation, the ability of the Company to successfully imple- ment its turnaround 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 there- fore, 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 our documentation, the words “estimate,” “anticipate,” “ex- pect,” “believe,” and similar expressions are intended to be forward-looking statements. Figures herein are unaudited and if audited results may vary.
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