COMPETITIVE COMPANIES, INC. (OTCMKTS:CCOP) Files An 8-K Regulation FD DisclosureITEM 7.01 Regulation FD Disclosure.
On October 10, 2017, the Registration Statement on Form S-1 filed by Wytec International, Inc., a Nevada corporation (“Wytec”), in connection with the planned distribution (the “Spin-Off”) by Competitive Companies, Inc., a Nevada corporation (“CCI” or the “Company”), of all the shares of common stock, par value $0.001 per share (the “Common Stock”), of Wytec owned by CCI, and all of the common stock purchase warrants (the “Warrants”) of Wytec owned by CCI immediately prior to the Spin-Off to its shareholders, was declared effective by the Securities and Exchange Commission.
CCI has designated the close of business at 5:00 PM, New York City time, on November 10, 2017 as the record ownership date of its shareholders for the Spin-Off (the “Record Date”) and the close of business at 5:00 PM, New York City time, on November 20, 2017 as the date for distribution of the Common Stock and Warrants to its shareholders (the “Distribution Date”).
Immediately prior to the time of the Spin-Off, CCI will hold 865,552 shares of Common Stock or approximately 37% of the outstanding shares of common stock of Wytec and 1,731,104 Warrants or approximately 28% of the outstanding warrants of Wytec.
About COMPETITIVE COMPANIES, INC. (OTCMKTS:CCOP)
Competitive Companies, Inc. is a holding company for its operating subsidiaries, Wytec International, Inc. (Wytec), Wylink, Inc. (Wylink), Wireless Wisconsin LLC (Wireless WI), Capaciti Networks, Inc. (CNI), Innovation Capital Management, Inc. (ICM) and Innovation Capital Management LLC (ICMLLC). The Company and its subsidiaries (collectively CCI) are involved in providing fixed and mobile wireless broadband Internet services nationally and internationally to wholesale, retail and enterprise customers. Wytec designs, manufactures and installs carrier-class wireless fidelity (Wi-Fi) solutions to local government, mobile service operations (MSOs), national telecommunications operators (NTOs) and corporate enterprises. Wylink operates and manages a sales organization engaged in the sale of Federal Communications Commission (FCC) registered links participating in the 70 and 80 gigahertz licensed frequency program. ICM operates as the Company’s private equity placement division.
