West Palm Beach, FL, Aug. 16, 2018 (GLOBE NEWSWIRE) --
iTeknik Holding Corporation (OTC PINK:ITKH) today announced its semiannual results for the period ending June 30, 2018. Recently the Company announced that it had changed is fiscal year from ending in June to ending in December. This is the reason that this is a second 2Q report posted this year. The results for the period were primarily from its wholly owned subsidiary, Big Rhino Corporation.
Highlights of the financials which are posted on OTC Markets include these improvements from prior quarter:
- Revenues improved 39% from the prior six month period from $1,145,142 to $1,587,457
- Revenues improved 6% from the prior three month period from $771,557 to $815,880
- Gross Margin was 51% for both the three and six month periods.
The Company also reported a lower net loss quarter-over-quarter of $237,839 versus $319,390. The prior quarter includes an extraordinary charge of $45,585 for employee stock plan costs. The net loss from 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 litigation with TCA Global Fund which has been previously reported.
Big Rhino, a full service advertising agency, began operations on January 2, 2017 led by its President, Kyle Eng and his team in Peoria, Arizona. Mr. Eng also manages the Company’s other subsidiary, The Blender Company; also located in Arizona. Blender is a multi-cultural focused advertising and digital media firm with long standing clients in state and local government agencies.
Fred Wicks, iTeknik's Chairman and CEO said, “We are well into our second year of operation and Kyle and his team continue to grow the business as a strong rate. This comes on the heels of a phenomenal first year of operation in which they grew the business 105%.”
Wicks also said, “In addition to the financial success, Big Rhino has had nearly no turnover in its diversified client base which is the result of Big Rhino’s extraordinary quality, delivery time and client focus.
The approximate breakdown of the Company’s client base consists of:
- Automotive 73.6%
- Medical services 12.2%
- Real estate 2%
- Other segments 12.2%
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 advertising and digital media agency. Big Rhino excels in providing on-strategy, fast, precise and creative marketing solutions that get our clients BIG results. We maintain a nimble in-house creative team with a unique talent for delivering the highest quality creative that we believe is faster than anyone else. When combined with our completely integrated 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 extensive minority business enterprise (“MBE”) experience. Blender holds government contracts and has significant potential 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 statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement 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 therefore, 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," "expect," "believe," and similar expressions are intended to be forward-looking statements. Figures herein are unaudited and if audited results may vary.