CHICAGO, IL - October 8, 2013 - Epazz, Inc. (OTCQB: EPAZ), a leading provider of cloud based business software solutions, today provides an investor update in regards to ongoing revenue growth and the spin-off project currently underway.
Revenues for fiscal 2012 totaled $1,193,217, a tenfold increase compared to when the Company first began publicly trading just a few years ago. The Company's sales continue to grow at record-setting levels.
A comprehensive update and explanation of the spin-off process is outlined below.
Milestones on the Spin-off of ZFridge, Inc.
1. The parent company started a project called Project Flex in 2012.
2. The parent company announced the Project Flex will be spinning off.
3. The parent company filed a provisional patent in order to protect the project's technology.
4. The parent company formed Cooling Technology Solutions, Inc. in March of 2013.
5. The parent company announced the record date of September 15, 2013.
6. The parent company filed a corporate action with FINRA.
Spin-Off Process Overview
1. Spinning off a company is a similar process of going public. The company needs to file a S1 registration statement or Form 10 with the SEC. The registration statement or form 10 is prepared by the company's lawyers.
2. Then the company's auditors need to review the financial statements. The registration statement or Form 10 is then filed with the SEC.
3. The SEC will review the registration statement or Form 10 and may have comments about the registration statement.
4. Once the company has cleared through SEC comments, the registration statement becomes effective.
5. At the same time the company needs to clear through FINRA in order to get a stock symbol for the spinoff company.
6. A market maker needs to file a form 211. Once this is done, the stock is distributed to the shareholders who own Epazz shares on September 15, 2013. However, if a shareholder sold the shares immediately after the date of September 15, 2013, the shareholder may not receive the dividend.
The spin-off process may take weeks or months to complete depending on the responses from all parties involve. For more on information on the spin-off process, please go to the following SEC webpage:
To determine if you are eligible to receive the dividend, please visit:
Investors with additional questions may send an email to firstname.lastname@example.org.
"Our process of growing the company will take time. Epazz has grown rapidly over the past few years, and we expect continued revenue growth. It takes time to achieve objectives. We are long-term play and simply ask all shareholders to do their homework," stated Shaun Passley, CEO of Epazz, Inc.
Epazz spokesperson, Michael Manahan, recently provided an interview on MoneyTV. To access the interview, visit: https://www.youtube.com/watch?v=-8Vz6a16ULM.
"A major part of our business plan is growing quickly through acquisition," added Mr. Passley. "In order to grow by acquisition, the company needs to raise capital. We ask shareholders to understand that new acquisitions immediately add new revenue streams to the company; thereby growing the company at a more rapid rate. We understand concerns about new shares entering the market. However, shareholders need to consider our track record of rapid growth."
Among the highlights of Epazz's development into a holding company in 2013 as well as acquisitions and revenue increases, recent Company achievements include:
- Board of Directors approves 1-10 dividend to shareholders on Project Flex
- Renewed Contract with SEPTA which resulted in $178,220 in revenues
- Announced second spin-off with Project Human Power
- Signed Letter of Intent to Acquire Content Management Software Company which could potentially add 45% to Epazz's bottom line
About Epazz Inc. (www.epazz.com)
Epazz Inc. is a leading cloud based software company that specializes in providing customized cloud applications to the corporate world, higher education institutions and the public sector. Epazz BoxesOS™ v3.0 is the complete business web-based software package for small to mid-size businesses, Fortune 500 enterprises, government agencies, and higher education institutions. BoxesOS provides many of the web-based applications organizations would have to otherwise buy separately. Epazz's other products are AgentPower™, a workforce management software, and AutoHire™, an applicant tracking system.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking statements such as "may," "expect," "intend," "estimate," "anticipate," "believe," or "continue" (or the negative thereof) or similar terminology. Such forward-looking statements are subject to risk, uncertainties and other factors that could cause actual results to differ materially from future results or implied by such forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results may differ materially from those contemplated by such forward-looking statements. Epazz assumes no obligation and does not intend to update these forward-looking statements and takes no obligation to update or correct information prepared by third parties that is not paid for by Epazz. Investors are encouraged to review Epazz's public filings on SEC.gov, including its unaudited and audited financial statements, and its Registration Statement, Form 10-K's and Form 10-Q's, which contain general business information about the Company's operations, results of operations and risks associated with the Company and its operations. Penny stock picks need to be research. Do your homework. Please review all of our filings.
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SOURCE: Epazz, Inc.