Trutankless, Inc. (OTCQB: TKLS) announced the record date of December 10, 2021, for a dividend of common stock shares of Notation Labs, Inc. to its stockholders. Stockholders will receive one share of Notation Labs for every four shares of Trutankless held. The dividend distribution is anticipated around December 30, 2021. This action aims to separate Trutankless and Notation Labs into independent companies, both of which will be fully-reporting with the SEC.
Trutankless, Inc. (OTCQB: TKLS) announced plans to spin off its wholly-owned subsidiary, Notation Labs, Inc. A Form 10 Registration Statement will be filed for the planned separation. Shareholders will receive shares of Notation Labs on a 4:1 basis on a Distribution Date set by the Board of Directors. This means for every four shares of Trutankless common stock held, a shareholder will receive one share of Notation Labs. Post-transaction, both companies will report to the SEC, enhancing transparency.
Trutankless, Inc. (OTCQB: TKLS) has announced a 1-for-8 reverse stock split effective September 27, 2021, reducing issued shares from approximately 104 million to 13 million. This adjustment aims to increase the stock price and improve market perception. Following the split, the company will trade under the ticker symbol TKLSD for 20 business days before reverting to TKLS. No change will occur to the number of authorized shares or the par value after the split. Stockholders will receive automatic updates in their accounts, while those with physical certificates can request new ones.
Trutankless, Inc. (OTCQB: TKLS) has announced the completion of a new production laboratory and R&D facility in Scottsdale, enhancing its capabilities for developing smart electric tankless water heaters. The facility includes advanced research and testing systems. The company has hired a patent law firm and filed its first series of patents to protect its innovations. Trutankless aims to accelerate product development and expand market presence, catering to smart home solutions. The new products are expected to boost revenues and positively impact environmental sustainability.
Trutankless, Inc. (OTCQB: TKLS) has partnered with Cypress Industries to initiate production in North America, enhancing operational efficiencies and manufacturing capabilities. The company reported a backlog of sales orders as of the end of 2020, continuing into Q1 2021, due to record orders. Trutankless specializes in smart electric tankless water heaters, emphasizing energy efficiency and environmental sustainability. The collaboration aims to prepare for the launch of new products while ensuring effective distribution through wholesale plumbing channels.
Trutankless, Inc. (OTCQB: TKLS) reported a 28% increase in gross sales for Q2 2020, totaling $538,702, up from $419,894 in Q2 2019. For the first half of 2020, gross sales reached $1,078,263, slightly up from $1,058,169 in 2019. This growth is attributed to strong demand for its Trutankless smart water heaters among major plumbing distributors. The company is focusing on partnerships to enhance its market position. CEO Michael Stebbins noted that reduced administrative costs have also contributed to improving gross profits.