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.
Safe Harbor Statement
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SOURCE Integral Technologies, Inc.