WellTek Expands Into the Virtual Event Market
ORLANDO, Fl – December 2, 2010 – WellTek, Inc. (OTCBB:WTKN), a global health, fitness and wellness company, announced today that it plans to expand into the virtual event market, specializing in the healthcare and wellness niche, by launching a new wholly-owned company, WellTek Events, Inc. This next-generation virtual event platform will serve as the foundation in allowing WellTek and other brands to actively reach, engage and influence health and wellness conscious consumers with new and existing brand assets, technologies, products and services.
According to the Virtual Conference and Trade Show Market Study 2010-2015, the worldwide virtual conference and trade show market is forecasted to grow at a compound annual growth rate (CAGR) of 56% between the period of 2010 and 2015 and to generate $18.6 billion in revenues over the period 2010 – 2015. While the virtual event market is still in its infancy, WellTek intends to launch into the virtual event business.
WellTek Events is looking to become the industry leader in producing and delivering powerful virtual events for the healthcare and wellness market—linking exhibitors, attendees, and thought leaders together in a fully immersive and engaging virtual environment.
Randy Lubinsky, Chairman and CEO of WellTek, stated “With over 40 years experience in the medical industry and interacting with physicians, we believe we can leverage our expertise to establish WellTek Events as the premiere company for virtual medical conferences and wellness events.”
In an effort to focus time and capital on WellTek Events, the company has decided to rescind the acquisition of its 51% interest in WellCity, Inc. As part of the rescission, 14,500,000 shares of WellTek common stock will be returned to WellTek and the financial position of both companies will return to that prior to the May 1, 2010 acquisition.
In addition, WellTek has also effectuated a 50 to 1 reverse split as of December 2, 2010 in order to facilitate raising additional growth capital.
