CHICAGO, IL--(Marketwired - Jul 11, 2013) - Epazz, Inc. (OTCQB: EPAZ), a leading provider of cloud based business software solutions announced today that for the year ended December 31, 2012 we had assets of $1,378,030 compared to assets of $1,035,222 for the year ended December 31, 2011, an increase of $342,808 or 33% from the prior period. As we acquire other software companies our assets will grow. This is an important qualification to be listed on a stock exchange.
No reverse stock split is needed at this point due to the company's low public float. Our public float remains less than 11% of the total outstanding shares, which compared to similar OTCQB is relevantly low.
Epazz, Inc.'s CEO, Shaun Passley, said, "We have developed a significant short position in our stock. It has pushed the stock down into an undervalued area when compared with other OTCQB companies. Our business plan is solid.. With some of the debt behind us and our low public float; we believe the market will move towards a more reasonable valuation. The reverse stock split at this point will not serve our shareholders."
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 MSHealth™, a behavioral healthcare 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.