Epazz, Inc., a leading provider of cloud based business software solutions, today issued a press release to give investors greater detail of 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. Epazz’s sales continue to grow at record-setting levels.
Epazz’s comprehensive update and explanation of the spin-off process is provided 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.
Investors with questions may send an email to investors@epazz.net.
“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
For more information, visit www.epazz.com
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