TORONTO, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Tellza Inc. (“TELLZA” or the “Company”) (TSX:TEL) announced today that it has received notice from Canada Revenue Agency (“CRA”) that, as a result of an HST audit by CRA for the period from January 2015 to October 2016, CRA proposes to deny HST Input Tax Credits (“ITCs”) claimed by Tellza in the amount of approximately $12.4 Million. CRA has also advised that it proposes to levy a penalty against Tellza equal to 25% of the amount of ITCs denied. Tellza’s management believes that the allegations advanced by CRA are without merit and it intends to vigorously defend against these claims.
About TELLZA
TELLZA is a Technology and Financial Support Services company. TELLZA TECH is an ASP servicing the telecommunications market, including its own Carrier brands Phonetime and Matchcom. Through its investments in Rightway funding and Merkez Fakoting TELLZA facilitate secondary financials in the structured annuities market and in B2B working capital financing. TELLZA is a public company listed on the Toronto Stock Exchange (TEL).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. TELLZA’s actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.
Michael Vazquez, Tellza Inc., CEO
Phone - +954-624-8143
Email: mike@tellza.com