Competitive Companies, Inc. agreed to spin-off 37.67% stake in WyTec International Inc.
For the year ending on December 31, 2015, WyTec International reported total assets of $2.12 million, total stockholders' equity of ($4.3 million), net sales of $0.01 million, operating loss of ($1.9 million) and net loss of ($1.9 million). The transaction is subject to conditions including the Competitive Companies Board of Directors having authorized and approved the distribution and not withdrawn such authorization and approval, and shall have declared the dividend of common stock and warrants to Competitive Companies stockholders, the separation agreement and the ancillary agreements contemplated by the separation agreement shall have been executed by each party to those agreements, effectiveness of Registration Statement on Form S-1, WyTec International common stock shall have been accepted for listing on the OTC-QB or another national securities exchange among other conditions. On October 26, 2016, Board of Competitive Companies and stockholders unanimously approved the transaction. On December 9, 2016, Competitive Companies filed an information statement on Schedule 14C and on January 10, 2017, WyTec International filed a registration statement on Form S-1 with the Securities and Exchange Commission. As of October 10, 2017, Wytec International's Form S-1 Registration Statement, as filed with the Securities and Exchange Commission (SEC) for the spin-off, has been declared effective. As of October 11, 2017, the record date was declared to be November 10, 2017 with a distribution date of November 20, 2017. The distribution date provides for all shareholders of Competitive Companies of record to receive Wytec shares based on an approximate 388:1 ratio including a 2-for-1 issuance of Wytec low cost warrants. Island Stock Transfer, Inc. is the transfer agent for Competitive Companies, transfer agent and registrar for WyTec International. Mark J. Richardson of Richardson & Associates acted as legal advisor to WyTec International.