ROSEVILLE, Minn., Feb. 23, 2023 (GLOBE NEWSWIRE) — SecureTech Innovations, Inc. (OTC: SCTH), an emerging growth company that develops and markets security and safety devices, products, and technologies, issues this general update to its shareholders.
2023 Record Sales
SecureTech is currently undergoing its annual audit for the fiscal year ended December 31, 2023, and will be reporting its audited financial results for the fiscal period next month through its Annual Report filing on Form 10-K with the Securities and Exchange Commission.
SecureTech will be reporting record sales for 2023. Management is confident that SecureTech’s financial performance in 2023 will significantly exceed 2023’s financial results.
COVID-19 Challenges
During 2023, SecureTech continued to experience significant challenges resulting from the ongoing COVID-19 pandemic. These challenges, which we are still experiencing to varying degrees, include the inability to hire qualified sales personnel, substantial product component price increases, delays with shipping and supply chains, and slower-than-usual government and regulatory response times.
Management believes that this COVID-19 pandemic is slowly becoming more of an endemic. If this trend continues, Management anticipates seeing more workers returning to the office during 2023 and shipping and supply chain logistics returning to pre-pandemic levels.
Second-Generation Top Kontrol Product Line
SecureTech has been developing a second-generation Top Kontrol product line. We anticipate moving to prototype and testing phases of development within the next 2-3 months, provided we can procure sufficient testing components for constructing the integrated circuits (ICs), which remain in very high demand worldwide.
The second-generation Top Kontrol product line will contain four product SKUs. These new product models will feature improved functionality, GPS tracking, and remote start capabilities coupled with state-of-the-art security and anti-theft protection.
SecureTech will be releasing additional details in the coming months and filing a new US patent application relating to its second-generation Top Kontrol product line.
Distribution and Independent Sales Team
SecureTech acknowledges that it has struggled during the ongoing COVID-19 pandemic to attract and train qualified sales personnel. Management is presently in talks to overcome this long-standing obstacle.
SecureTech is currently in discussions with a regional distributor to warehouse and distribute the Top Kontrol product line. In conjunction with the prospect of securing a regional distributor, SecureTech is also in discussions to bring on an outside independent sales team to substantially boost overall Top Kontrol sales.
Once these two missing elements are in place, SecureTech will begin a social media marketing campaign featuring its recently released Top Kontrol demonstration videos. Management is confident that the combination of these sales and marketing efforts will allow Top Kontrol to expand and grow into new sales territories, especially in areas such as Chicago, Philadelphia, and Washington, DC, where carjackings continue to skyrocket.
Additional details will be shared with shareholders as they materialize.
Piranha Blockchain
SecureTech recently established a new wholly-owned subsidiary, Piranha Blockchain (Piranha). Through Piranha, SecureTech intends to expand into the rapidly growing area of cybersecurity and blockchain technologies. This expansion complements SecureTech’s mission to develop products and technologies that preserve life, protect property, and prevent crime.
Piranha will focus on developing and acquiring secure green energy data centers, advanced cybersecurity technologies, and blockchain and cryptocurrency systems and platforms for mining, storing, and trading digital assets.
Management will be providing additional updates to shareholders on Piranha’s developments over the coming weeks and months.
Common Stock Cancellations
Over the past year, SecureTech has significantly reduced the number of issued and outstanding shares of its common stock. In 2023, SecureTech canceled an aggregate of 58,000,000 shares of its common stock, representing a decrease in outstanding shares of approximately 33.5% from 2020.
Continuing this pattern, SecureTech has already canceled an additional 1,700,000 shares of its common stock in 2023.
Management is exploring additional avenues to further reduce the number of issued and outstanding shares of common stock. This essential strategy is incredibly beneficial to our existing common shareholders. Every time SecureTech retires another share of common stock, it increases your overall percentage ownership in SecureTech and makes each remaining share worth even more.
Upcoming Stock Offering
SecureTech receives unsolicited inquiries from individuals about purchasing shares directly from the company from time to time. Management can confirm at this time that SecureTech intends to undertake a registered offering of its securities at some point during 2023.
This offering will likely be in the form of an SEC-registered Regulation A Unit Offering with each Unit containing one share of common stock and four Purchase Warrants. Based on SecureTech’s recent private stock sales and market trends, SecureTech may price this offering at $1.50 per Unit with each Unit including the following securities:
| Security Component | Warrant Exercise Price ($) | Warrant Expiration Date | |||
| One Share of Common Stock | Fully Paid and Non-Assessable | N/A | |||
| One Purchase Warrant | $2.00 | TBD | |||
| One Purchase Warrant | $2.50 | TBD | |||
| One Purchase Warrant | $3.00 | TBD | |||
| One Purchase Warrant | $3.50 | TBD | |||
| THIS IS NOT AN OFFER TO SELL NOR A SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES. OFFERS ARE MADE ONLY BY PROSPECTUS OR OTHER OFFERING MATERIALS. TO OBTAIN FURTHER INFORMATION, YOU MUST COMPLETE OUR INVESTOR QUESTIONNAIRE AND MEET THE SUITABILITY STANDARDS REQUIRED BY LAW. | |||||
Final details, including exact pricing and warrant information, will be announced when SecureTech files the registration statement with the SEC.
2023 Outlook
Kao Lee, SecureTech’s President and CEO, stated, “As you can see, 2023 was a breakout year for SecureTech. However, we are just getting started. Everyone here at SecureTech believes 2023 is going to be SecureTech’s best year ever!”
“Between laying the groundwork for growing Top Kontrol sales into new territories to significantly expanding the capabilities and functionality of our Top Kontrol product line through second-generation technology, 2023 should be a banner year for Top Kontrol,” added Mr. Lee. Mr. Lee further stated, “In addition to Top Kontrol gaining momentum and market share in 2023, we anticipate our new Piranha Blockchain subsidiary will start contributing to revenue growth and improved cash flows during the second half of 2023.”
Mr. Lee finished by saying, “I will continue to work tirelessly to grow SecureTech into the company we all believe it can be, and keep taking the necessary steps to obtain DTC eligibility and retire shares when possible to create the most value possible for our loyal shareholders.”
About SecureTech Innovations
SecureTech is an emerging growth company that develops and markets security and safety devices and technologies – our products preserve life, protect property, and prevent crime. SecureTech is the maker of Top Kontrol®, the only anti-theft and anti-carjacking system known that can safely stop a carjacking without any action by the driver. Through its Piranha Blockchain subsidiary, SecureTech is developing advanced cybersecurity technologies for blockchain and cryptocurrency systems and platforms involving cryptocurrency mining, digital asset storage and protection, and trading exchanges. For more information, visit www.securetechinnovations.com and www.topkontrol.com.
| Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of Management on the dates they are made and expressly qualified in their entirety by this notice. SecureTech Innovations, Inc. (“SecureTech”) assumes no obligation to update forward-looking statements should circumstances or Management’s estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to SecureTech’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report filed on Form 10-K. |
Investor Relations
651.317.8990
[email protected]
