Epazz, Inc. ( OTC PINK : EPAZ ), a leading provider of cloud-based business software solutions, has announced that the Company's management has listened to our shareholders and will not do any reverse splits.
The Company announced in March of 2017 that debt-funding instruments have been terminated with lenders such as Asher Enterprises, Magna Group, KBM, St. George, and IBC. The Company has not used convertible debt financing for over two years. The company has moved on to use financing that is not toxic to the capital structure and does not erode shareholder value in the Company. Additionally, Epazz has not used any other forms of debt financings such as merchant loans, bank loans, for over a year.
Epazz is generating enough funds to run the operations of the Company and has entered into debt settlement agreements with its former convertible note holders. Epazz management continues to work with our attorneys to eliminate all form of toxic debt from the Company's books. The Company and its attorneys have worked through negotiations and settlements to reduce or eliminate debt and interest expense.
Epazz, Inc.'s CEO, Shaun Passley, Ph.D., said, "We are moving the company in the right direction and if we are successful we believe the stock price will show it. We are listening to our shareholders and we will not do any reverse splits. Our goal is to become a fully reporting company again and to upgrade to a national stock exchange. Our focus is to grow sales organically, develop great code and provide value to our investors. Our revenues continue to rise and for the first time in our history, we reported an operating income of over $300,000 unaudited for 2016. We expect to become profitable before the end of the year."
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 otherwise need to purchase separately. Epazz's other products are DeskFlex™ (a room booking 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 can generally be identified by the use of forward-looking statements such as "may," "expect," "intend," "estimate," "anticipate," "believe" and "continue" (or the negative thereof) or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results or those 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, Inc. assumes no obligation and has no intention of updating these forward-looking statements, and it takes no obligation to update or correct information prepared by third parties that is not paid for by Epazz, Inc. Investors are encouraged to review Epazz, Inc.'s public filings on SEC.gov, including its unaudited and audited financial statements as well as its Form 10-Ks, and Form 10-Qs, which contain general business information about the company's operations, results of operations, and risks associated with the company and its operations.