SANTA ANA, Calif., Aug. 12, 2011 /PRNewswire/ -- SUTIMCo
International, Inc. (Pink Sheets: SUTI) today reported net revenues
of $1,827,500 for the first six
months of 2011 as compared to $100,000 for the first six months of 2010. Net
income was $963,893 or $0.001 Earnings Per Share (EPS) on a diluted
share basis compared to net income of $98,293 for the same period the year prior. The
Company has posted its unaudited financial results for the period
ended June 30, 2011 on the OTC
Markets website
http://www.otcmarkets.com/stock/SUTI/financials.
For the six months ended June 30,
2011, the Company reported total current assets of
$1,527,036. Total assets at the end
of the period include cash, cash equivalents and accounts
receivable. SUTIMCo International completed the acquisition of
SUTIMCo Inc. and as a result, the Company has dramatically
increased its sales and is now profitable for the first time.
SUTIMCo operates as a Venture Accelerator, offering development
services to start-up companies for up to three years. The
Venture Acceleration Agreement with each client company requires a
one-time initial fee of $100,000 to
be paid upon the execution of the Agreement. During the term of the
Agreement SUTIMCo will receive an annual retainer of $930,000 a year for 3 years as well as a 6%
royalty of gross revenues. According to the terms of the
Agreement, SUTIMCo has the right to earn a 15% equity stake of the
portfolio company on a liquidation event. In addition, each
portfolio company grants SUTIMCo warrants to purchase an additional
15% equity position in the portfolio company for a period of 2
years. This offers SUTIMCo the ability to acquire equity in those
projects that appear most promising at favorable prices. The new
Agreement also stipulates that SUTIMCo shall be appointed to the
board of directors of each client company.
SUTIMCo launches and manages businesses in health &
wellness, energy/environmental, advanced materials, sensors and
electronic technology ventures to build upon the research of a host
of prestigious Universities across the
United States. SUTIMCo's business model and methodologies
help create high growth companies taking innovation from laboratory
to marketplace.
"We believe in the SUTIMCo business model, and we are confident
that the shareholders will continue to realize long term positive
results," stated Fred Rogers,
Chairman of SUTIMCo International, Inc.
For more information on SUTIMCo, its portfolio companies, and
University partners, please visit; http://www.suti.com
About SUTIMCo International, Inc.:
SUTIMCo International Inc. is a holding company, which utilizes
a unique and established platform to launch new technology
enterprises based on world-class university research discoveries.
SUTIMCo International through its wholly owned subsidiary SUTIMCo
Inc., provides experienced management to early stage companies,
reducing risk and assuring the know-how in launching and growing a
new company. In addition to this skilled management team, SUTIMCo
can avail itself of the encyclopedic, informal knowledge of the
inventor, his experience and his research team.
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the safe harbors created thereby. The
Company is a development stage company who continues to be
dependent upon outside capital to sustain its existence. Since
these statements (future operational results and sales) involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected
results.
Investor Relations
407-389-5900
SOURCE SUTIMCo International, Inc.