CHICAGO, IL -- (Marketwired) -- 07/10/13 -- Epazz, Inc. (OTCQB: EPAZ), a leading provider of cloud based business software solutions, announced today that the convertible notes in October 2012 through December 2012 have been concluded. Epazz, Inc. has not entered into any convertible notes with the note holder. The note holder does not have any notes or shares with Epazz, Inc. Our public float remains less than 11% of the total outstanding shares, which compared to similar OTCQB companies is relevantly low.
Cooling Technology Solutions, Inc. (Project Flex) planned spinoff will not be affected by the convertible notes.
Downward pressure has pushed the stock to unprecedented levels.
Epazz, Inc.'s CEO, Shaun Passley, said, "The funding tranches we did last year have concluded as of now. We have also developed a significant short position in our stock. It has pushed the stock down into an undervalued area when compared with other OTCQB companies. As far as our business is concerned, we have grown steadily. I expect that the odds are good at this point that we will see a bounce back from an oversold condition. With regard to the stock and the rest of 2013 we are hoping we will see the stock get back to a more reasonable valuation."
EPAZ Short Selling Report | EPAZ Short Data
Epazz, Inc., a leading provider of cloud based business software solutions, announced that for the year ended December 31, 2012 we had revenue of $1,193,217 compared to revenue of $735,972 for the year ended December 31, 2011, an increase of $457,245 or 62% from the prior period. The increase in revenues is mainly attributable to the sales generated by our newly acquired subsidiaries. Epazz also announced a 300 percent increase in its client base in 2012 and expects those numbers to continue to climb and that with the pending acquisitions expects revenues to double in 2013. Finally, Epazz reported that Project Flex, which is a patent pending new technology that will change the way cooling technology is used, has passed all beta tests and is at the next stage which will lead to a spin-off of the new Company with a dividend being paid to shareholders.
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 Intellisys, an energy management software and DeskFlex, a room scheduling software.
"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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