iTokk, Inc. Issues Corporate Update

ITOKK, INC.
200 - 375 Water Street
Vancouver, BC V6B5C6
Telephone: 408-419-1719

News Release: October 7, 2010

Trading Symbol: (PINK: IKTO)

ITOKK, INC. ISSUES CORPORATE UPDATE

VANCOUVER CANADA, OCT 07, 2010 (PINK: IKTO), Itokk, Inc. provides the following corporate update to shareholders and the investment community on the recent developments of the company and our business plans going forward.  The company has disclosed the following information to the OTCmarkets disclosure service and through SEDAR System for Electronic Document Analysis and Retrieval on August 28, 2010 within its interim financial statements and MD&A reports summarized as follows: 

1. On April 27, 2010, we terminated our registration with the Securities Act and ceased to be a reporting issuer in the United States in order to reduce regulatory costs. Our shares of common stock are quoted on OTC Markets under the symbol IKTO. Our shares do not trade on any market in Canada.

2. On May 4, 2010, in the course of negotiations to acquire an interest in a trust described below, the Company increased its authorized share capital from 200,000,000 shares of common stock with par value 0.001 to 2,900,000,000 shares of common stock with par value 0.0001 and from 1,000,000 preferred shares with par value $0.001 to 100,000,000 preferred shares with par value of $0.0001 per share.  As well, the Board of Directors created the following series of preferred stock:

Series A preferred stock: If at least one Series A preferred share is issued and outstanding, then the total aggregate issued shares of Series A preferred stock at any given time, regardless of their number, shall be convertible into the number of shares of common stock which equals four times the sum of:  i)  the total number of shares of common stock which are issued and outstanding at the time of conversion, plus  ii)  the total number of shares of Series B and Series C preferred stock that are issued and outstanding at the time of conversion.  If at least one share of Series A preferred stock is issued and outstanding, then the total aggregate issued shares of Series A preferred stock at any given time, regardless of their number, shall have voting rights equal to four times the sum of:  i) the total number of shares of common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of Series B and Series C stock that is issued and outstanding at the time of voting.

Series B preferred stock: The holders of Series B preferred shares are entitled to receive dividends when, as and if declared by the Board of Directors in its sole discretion. Upon any liquidation, dissolution or winding up of the Issuer, whether voluntary or involuntary, before any distribution or payment shall be made to the holders of any stock ranking junior to the Series B preferred shares, the holders of the Series B preferred shares shall be entitled to be paid out of the assets of the Issuer an amount equal to $1.00 per share or, in the even of an aggregate subscriptions by a single subscriber for Series B preferred shares in excess of $100,000, $0.997 per share, plus all declared by unpaid dividends.  Each share of series B preferred stock is convertible into 25,000 common shares.  Each series B preferred share has ten votes.

Series C preferred stockThe holders of Series C preferred shares are entitled to receive dividends when, as and if declared by the board of directors in its sole discretion. Upon any liquidation, dissolution or winding up of the Issuer, whether voluntary or involuntary, before any distribution or payment shall be made to the holders of any stock ranking junior to the Series C preferred shares, the holders of the Series C preferred shares shall be entitled to be paid out of the assets of the Issuer an amount equal to $1.00 per share or, in the even of an aggregate subscriptions by a single subscriber for Series C preferred shares in excess of $100,000, $0.997 per share, plus all declared by unpaid dividends. Each share of Series C preferred stock is convertible into 500 common shares. Each series C preferred share has one vote.

3. On May 12, 2010, the Company entered into a share exchange agreement with Horizon Trust whereby the trust became a wholly owned subsidiary of the Company. The trust’s primary asset is the services of its trustee, who now provides executive and corporate communications services to the Company. Itokk’s president, Kevin Penstock was the beneficial owner of approximately 83.3% of the issued and outstanding beneficial ownership shares of the trust. Pursuant to the agreement, Itokk issued 2,400,000,000 shares of common stock and 12,000,000 shares of Series B preferred stock to Horizon Trust. As well, Itokk issued one shares of Series A preferred stock to Kevin Penstock to ensure that control of the Company would not change.

4. On September 8, 2010, the Company’s management redomiciled the company from Nevada to Wyoming  in order to reduce state filing fees. The Company also amended its articles of incorporation and increased its total aggregate authorized shares to 50,000,000,000 and changed the par value of its shares from 0.0001 to 0.0000001. The Company has also applied to the State of Wyoming to consolidate its shares of common stock such that every five hundred shares of common stock shares issued and outstanding prior to the consolidation shall convert into one post-consolidation share of common stock.  The Company has not yet applied to FINRA for approval  of this consolidation.

5. The Company’s Board of Directors consists of Kevin Penstock and Dr. John (Ioannis) Karamitsos. Mr. Penstock acts as our President, Secretary, CEO,  and CFO, while Dr. Karamitsos acts as our Vice-President of Research and Development.

6. The Company is proceeding with a private placement whereby it is selling Series B preferred stock to investors at a price of $2.50 per share.  To date, the Company has received subscriptions totaling approximately $366,500.

About ITOKK

ITOKK, Inc., an innovative communications company, offers flexible, next-generation telephony solutions for consumers and businesses. ITOKK's flagship product Npoints-Framework and developers platform make it simpler, cheaper and faster to build communications functionality into applications, enabling carriers and networks to introduce new revenue-generating voice services in days, rather than months. By combining the Itokk platform and innovative products with carriers across the globe, Itokk has the potential to deliver the industries most explosive growth of innovation and in IP telephony. The worlds newest leading global IP telephony company is headquartered in Sunnyvale, California with offices in Canada, UK and India.

ADDITIONAL INFORMATION about Itokk, Inc. can be viewed on the Company's Web site: www.itokk.com

SAFE HARBOR

Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made by Itokk, Inc. are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Itokk, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete
projects, and changes in products and competition. SOURCE ITOKK, Inc.

Contact Information
Kevin Penstock, CEO; kpenstock@itokk.com