TORONTO, ONTARIO, May 16, 2014 (Marketwired via COMTEX) -- Eco-Tek Group Inc. (OTCQB: ETEK) is pleased to provide further update information with regards to the 10K filing. Our Chartered Accountants have now completed their work on our Consolidated Books and after consulting with our Auditors Wednesday with regards to their work product have decided on several adjustments and now expect have the books to the Audit team by the end of the business day Friday. Work on the first quarter 10Q is proceeding and we still expect this to be filed right after the 10K.
To provide a further update to the Conference Call for investors, to be scheduled shortly, we will also discuss our upcoming plans and events with regards to product certification for the European marketplace. This certification will lead to huge growth in the EU countries. Also our Legal Advisors are just completing a change in Authorized Shares for another client using a less involved and less expensive method than the standard model. We are hopeful that they can file our 7 Billion to 1 Billion change in a similar way. We will have further information on this for the Conference Call.
Eco-Tek has engaged the services of an Attorney to take responsibility for ensuring that the Company is compliant in all its future filings and as well as a directive to become a fully reporting OTCQB Company in early Q3 and OTCQA by the end of Q4.
We will soon have another new distributor in South America following the program that we have established that allows us to quick start new distributors and contribute to their ongoing successes. The program requires the new Distributor to place a demo order of four systems for which we have them pay in advance by the same wire process that they would use for a larger order. This allows us to have their financial information to obtain approval from Export Development Canada (an organization similar to US EXIM Bank) for payment guarantees for larger orders. We then ship the demo order by the same process that we would use for a larger order so that we establish a process for export and import into the distributors country. (Customs requirements, government regulations and taxes vary greatly around the world) When the units arrive we have the new distributor arrange for the installation of three as demos in potential customers. We send a training team to do this installation and while we are there we use the fourth unit for presentations that we perform in Hotels etc. in front of the Distributor's prospective customers. The three demo units turn into the Distributors first customers and the presentations give the Distributor a kick-start to their marketing. Eco-Tek is in discussions with several more prospective Distributors in various countries. With these additions to the growing Eco-Tek team, we will continue to achieve our 50% quarterly increase in sales, stay on track to achieve 2.2 to 2.8 million in revenues and realize profitability by the end of 2014.
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