Axiologix, Inc. Reduces Debt By $775,372 (Over 40%) In Third Fiscal
Quarter.
SARASOTA, Fla., April 30, 2013 /PRNewswire/ -- Axiologix,
Inc. (www.axiologix.net) (AXLX.PK), an International Technology and
Services Organization focused on delivering 'Cloud' Products and
Services, announces that total debt reduced by $775,372 or 41% in the three months ended
February 28, 2013 following the
$800,000 equity transaction with
Institutional Investor, Ironridge Technology Co.
Current liabilities reduced to $712,368 at February 28,
2013 from $1,332,446 at
November 30, 2012 while long term
liabilities reduced from $555,274 to
$400,000 in the same period. Full
details can be found at www.otcmarkets.com/stock/AXLX/quote
Significantly, as part of the Ironridge transaction, secured
debt of around $495,000 was fully
paid down resulting in immediate monthly cash savings to the
business of approximately $30,000 in
principle and interest payments. In addition key payables of over
$300,000 were also converted to
equity. The Company will use the cash freed up to drive its organic
growth efforts. In addition, the stronger balance sheet as a result
of the reduction in debt should make the Company more attractive to
potential funders for pending and future acquisitions that the
Company is currently pursuing.
Vincent Browne, Chairman and Chief
Executive of Axiologix, Inc. said, "We wanted to ensure that our
current and potential future stakeholders fully understood the
significance of our transaction with Ironridge and just what it
means for our Company. The conversion of the secured debt and
payables into equity provides a significant double benefit. Cash
that would otherwise have been used to pay down debt can now be
focused on growing the business and our balance sheet now has
positive working capital and positive shareholders' equity for the
first time in its existence. All of this should help make us more
attractive to quality long term funding sources required for us to
close the pending and planned acquisitions and from which to
continue our rapid organic growth."
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About Axiologix, Inc.
Axiologix, Inc. is an International Technology and Services
Organization focused on delivering Cloud-based Products and
Services to small and medium sized businesses primarily in
the United States and to operators
globally. Axiologix is headquartered in Florida, with international operations in
Dublin, Ireland. Additional
information may be found at www.axiologix.net
This press release contains forward-looking statements. Words
such as "expects", "intends", "believes", and similar expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking
statements involve a number of risks and uncertainties, including
the timely development and market acceptance of products and
technologies, the ability to secure additional sources of finance,
the ability to reduce operating expenses, and other factors
described in the Company's filings with the OTC Markets Group. The
actual results that the Company achieves may differ materially from
any forward-looking statement due to such risks and uncertainties.
The Company undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.
SOURCE Axiologix, Inc.