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iTeknik Holding Corporation Enters into a Material Definitive Agreement with Growthcap Investments to Restructure for Growth
iTeknik Holding Corporation Enters into a Material Definitive Agreement with Growthcap Investments to Restructure for Growth.
About this update from Iteknik Holding Corporation
[{"type":"text","content":"\n\n\n\niTeknik Holding Corporation Enters into a Material Definitive Agreement with Growthcap Investments to Restructure for Growth\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\niTeknik Holding Corporation Enters into a Material Definitive Agreement with Growthcap Investments to Restructure for Growth\nPR Newswire\nCOMMERCE, Mich., June 15, 2015\n\n\n\nCOMMERCE, Mich., June 15, 2015 /PRNewswire/ -- iTeknik Holding Corporation (Other OTC: ITKH), a leader in the telecommunications industry, today announced that on June 8, 2015, iTeknik completed a Stock Purchase Agreement with Growthcap Investments, Inc, a Delaware Corporation that provides corporate advisory services to OTC listed companies in the identification, negotiation and financing of merger and acquisition targets. Growthcap will acquire up to 30% ownership of iTeknik Holding Corporation stock based on the achievement of certain performance targets. As part of the transaction, Mr. John McQuillan, Chief Financial Officer of Growthcap Investments was appointed a Director and a member of the iTeknik Board of Directors.  Mr. McQuillan graduated from Trinity College in Dublin with a Bachelor's of Business Studies and became a chartered accountant in 1989.\n\nOn May 28, 2015, Jeffrey Lauzon resigned as iTeknik's President and a member of the Board of Directors as part of a stock swap agreement. Mr. Lauzon exchanged the majority of his securities holdings in ITKH for a 49% ownership in Send Global Corporation and an option to increase his ownership up to 70% after a year.  Mr. Lauzon will remain as President of Send Global Corporation while Fredrick Wicks remains as Chairman and CEO and a member of iTeknik's Board of Directors.\n\nMr. Wicks, ITKH Chairman and CEO, stated, \"The team at Growthcap Investments brings a great deal of expertise in public company activities that I believe will assist in moving ITKH forward starting with a planned uplift to the OTCQB tier in 2015. Growthcap personnel also have been successful in the merger and acquisitions arena and in raising the necessary capital for these.\...