Business
SUTIMCo Provides Corporate Update
SUTIMCo Provides Corporate Update.
About this update from Sutimco International, Inc.
[{"type":"text","content":"\n \n \n SUTIMCo Provides Corporate Update\n \n \nSUTIMCo Provides Corporate Update\n \n SANTA ANA, CA--(Marketwired - Dec 4, 2013) - SUTIMCo International, Inc. (OTC Pink: SUTI) a multi-project business accelerator company, is pleased to provide third quarter financial and operating results and an update regarding business operations.\n For the quarter ended September 2013, SUTIMCo lowered its total liabilities by $7.4 million, or 71% to $3.1 million as compared to the fiscal year ended December 2012. Management lowered accounts payables, accrued expenses, loans to related parties, and convertible notes representing both long and short terms loans by negotiating with most debt holders.\n Mr. Fred Rogers, SUTIMCo CEO, stated, \"As we prepare to bring to market a business unit we believe strengthening the balance sheet is an important factor and a necessity to better position the company. We worked with our debt holders to negotiate terms that benefited all parties involved. We are even more pleased that most of the debt was converted to common stock and the debt holders are committed to working with us to ensure the growth of SUTIMCo.\"\n SUTIMCo has engaged Crucible Capital, a New York based investment banking firm. Crucible Capital Group, Inc. is a registered Broker-Dealer with FINRA and a member of SIPC. The company has been a presence, globally, in transactions up to $50 Million. Crucible's principal and founder, Chuck Moore, has 28 years of financing experience.\n Crucible will be arranging for SUTIMCO a capital raise for the launch of its water business unit.\n SUTIMCO's Water Technology Unit intends to be a leader in providing safe and healthy drinking water. The world is 75 percent water, and only 2.5 percent is fresh water two-thirds of which is locked up in icecaps and glaciers. In the end less than 0.75 percent of the Earth's total water supply is available for use. The worldwide demand for freshwater is increasing by 64 billion cubic meters each year (1 cubic meter equals 1,000 liters). Currently more than one billion people around the world use unsafe, contaminated water. Twenty five thousand people die every day from disease associated with lack of access to safe drinking water, inadequate sanitation and poor hygiene and 80% of disease in the developing world is caused by contaminated water.\n The solution to this ...