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iTeknik Holding Corporation Releases Letter to Shareholders
iTeknik Holding Corporation Releases Letter to Shareholders.
About this update from Iteknik Holding Corporation
[{"type":"text","content":"\n \n \n iTeknik Holding Corporation Releases Letter to Shareholders\n \n \niTeknik Holding Corporation Releases Letter to Shareholders\n \n WEST PALM BEACH, FL--(Marketwired - Jun 12, 2017) - iTeknik Holding Corporation (OTC PINK: ITKH) today released a letter to shareholders from its Chairman, Fred Wicks.\n Dear Shareholders,\n iTeknik Holding Corporation has seen many challenges and undergone some dramatic changes over the past few years. In this letter to our shareholders I wanted to take the time to review with you where we have been, where we are now, where we plan to go. \n Where we have been:\n Over the last few years, we realized that our primary operating company, Send Global Corporation, suffered from eroding margins due to a tremendous increase in competition in the telecom industry as well as major changes in the availability and cost of the products we sold. This downward trend was accelerating and we could see the day that we would no longer be a \"player\" in this space. Because of these competitive factors, we entered into an agreement in September 2015 with one of our former officers to begin the process of divesting ourselves of Send Global. We initially sold 49% of the business in a share exchange with this former officer. Then in June of 2016 we divested our controlling interest by offering a portion of our stock to an unaffiliated third party for services rendered, and we became a minority shareholder. Since then Send Global Corporation has ceased operations and we have written down this minority interest to zero on our books and records.\n Our new direction:\n The telecom industry had been very volatile and constantly changing for some time. So we decided to search for opportunities that could provide for growth, in a different high tech space. We looked for companies that would also benefit from our technology and business know how. We decided to focus our search in a number of high tech sectors. One of those areas included businesses in digital media, advertising and marketing, especially fully integrated agencies. \n Using the relationships that we had developed over the years, we discovered an opportunity with TCA Global Master Credit Fund, L.P. (\"TCA\"). TCA had recently foreclosed on the business of a fully integrated Advertising Agency and they were looking for a buyer to purchase the assets of tha...