Business
iTeknik Holding Corporation Posts FY17 Annual Report and Releases Letter to Shareholders
iTeknik Holding Corporation Posts FY17 Annual Report and Releases Letter to Shareholders.
About this update from Iteknik Holding Corporation
[{"type":"text","content":"\n\n West Palm Beach, FL, Oct. 16, 2017 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) posted its Annual Report for FY 30, 2017.  Revenues for the year ending June 30, 2017 were 1,144,925 vs. $952,149 for the year ending June 30, 2016. \n Fred Wicks, Chairman and CEO of iTeknik stated, “FY 2017 was a pivotal year for us. In the beginning of our year, we transitioned from the Telecom industry to Marketing, Advertising and the digital media space with the start-up of our Big Rhino Agency in January. From January to this past August Big Rhino, which accounts for almost all of our sales, has been able to increase revenues by more than a hundred percent.” In conjunction with the posting of the Annual Report, iTeknik released the following letter to shareholders. Dear Shareholders, On July 1, 2017 we began Fiscal Year 2018 on a very optimistic note because of the remarkable progress we made in the last half of Fiscal Year 2017. I want to take this opportunity to update our Shareholders on our results for the year and our vision for the new year ahead. Fiscal Year 2017 Accomplishments FY 2017 saw dramatic changes and accomplishment in your Company.  Some of these include: Completed the transition from the Telecom Industry  into the Advertising, Marketing and Digital Media spaceNegotiated away more than $200,000  of debt from our booksSecured a commitment of $15 million in capital for the purpose of growing the Company through acquisitionUtilized a tranche of $5 million to buy the assets of a former Advertising agencyFormed Big Rhino Corporation as a subsidiary in order to utilize the purchased assetsHired an extremely talented staff to operate the new subsidiary companyStarted up Big Rhino Corporation on January 1, 2017Increased Revenues from January to August by 101%Acquired The Blender Company and valuable assets including government contractsBegan a financial audit in order to help uplift to the OTCQBTook action against a creditor with a potential settlement in the works. By any standards these accomplishments have been significant and prove that our strategic plan in process is working. The following paragraphs provide more detail on these accomplishments Revenues Revenue for FY 2017 was $1,144,925. This amount was almost all from our subsidiary, Big Rhino, and was accomplished ...