Integral Technologies Announces Elimination of Convertible Debt and Appointment of New Auditor
BELLINGHAM, Wash., June 25, 2014 /PRNewswire/ -- Integral Technologies, Inc. (OTC-BB: ITKG) ("Integral"), an emerging light-weighting leader and its wholly owned subsidiary ElectriPlast Corp., announced today that it continues to take actions to improve its capital structure to support future strategic growth. Integral has completed a note termination agreement with JMJ Financial ("JMJ"), for the termination of a $500,000 convertible promissory note, dated February 26, 2013. As a result of this agreement, Integral has now retired all of its outstanding convertible debt.
Also, on June 13, 2014 Integral appointed a new auditor, Baker Tilly Virchow Krause, LLP. Founded in 1931, Baker Tilly is one of the top 20 largest accounting and advisory firms in the U.S. "We're pleased to have Baker Tilly provide the external audit services required as we transition from an early-stage company," said Bart Snell, CFO of Integral.
Integral reported that its Board of Directors has approved the appointment of Baker Tilly Virchow Krause, LLP as auditor of Integral effective June 9, 2014. Baker Tilly Virchow Krause, LLP replaces former auditor, Smythe Ratcliffe LLP, which was dismissed effective June 9, 2014. For more information on the appointment of Baker Tilly Virchow Krause, LLP, please see Integral's form 8-K filed with the U.S. SEC on June 13, 2014.
About Integral Technologies, Inc.
(ITKG) ("Integral"), and wholly owned subsidiary ElectriPlast Corp, engage in the discovery, development, and commercialization of electrically conductive hybrid plastics used primarily as raw materials in the production of industrial, commercial and consumer products and services worldwide. Its core material, ElectriPlast®, is a non-corrosive, electrically conductive resin-based material whose properties allow it to be molded into any of the infinite shapes and sizes associated with plastics, rubbers and other polymers while reducing component weight by 40 to 60%. Integral is a leader in conductive hybrid plastics with a broad Intellectual Property portfolio referencing its ElectriPlast technology. Applications for ElectriPlast include: Shielding Wire, Power Electronics, Connectors, and Cables; Shielding, Conduction, Batteries, Semiconductors, Heated Elements, Sensors, Antennas, Medical Devices, Consumer Electronics and Acoustics, Fuses, Capacitors, Resistors, RFID, Bus bars and Terminals. Follow us on Facebook and Twitter.
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This press release contains "forward-looking statements'' within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. These statements include, without limitation, predictions and guidance relating to the company's future financial performance and the research, development and commercialization of its technologies. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements, as the result of such factors, risks and uncertainties as (1) competition in the markets for the products and services sold by the company, (2) the ability of the company to execute its plans, (3) other factors detailed in the company's public filings with the SEC, including, without limitation, those described in the Company's annual report on Form 10-K for the year ended June 30, 2013 as filed with the Securities and Exchange Commission and available at www.sec.gov, and (4) the parties may be unable to agree upon definitive agreements. You are urged to consider these factors carefully in evaluating the forward-looking statements.
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SOURCE Integral Technologies, Inc.