Axiologix, Inc. Successfully Completes Due Diligence On Californian
Acquisition: Moving To Complete Definitive Agreements.
SARASOTA, Fla., May 14, 2013 /PRNewswire/ -- Axiologix, Inc.
(www.axiologix.net) (OTC Pink: AXLX), an International Technology
and Services Organization focused on delivering Cloud-based
Products and Services, announced today it has successfully
completed its due diligence of the pending acquisition based in
California. Both parties are now
moving to complete definitive agreements for the transaction.
The acquisition is a leading provider of IP voice, data and
managed services to small and medium enterprises (SMEs) across
the United States. If completed,
the acquisition will bring immediate accretive annual revenues of
$5.5 million to Axiologix, Inc. with
positive EBITDA of circa $1 million
per year.
Dennis Mitrano, President of Telecom
Operations of Axiologix, Inc., commented,"We are pleased to have
successfully completed quite a detailed due diligence process over
the past couple of months. Whereas there are always areas that will
need improvement, overall the Company is well run and has a solid
state-of-the-art technology platform using industry-leading
suppliers that we can use to build out from as we acquire
additional companies. They also have strong customer relationships
with some household names that have been with them over 5 years in
some cases, and the management team is strong in their respective
areas. They run a very efficient business that has been growing at
between 15%-20% per year in its hosted services segment, which they
have focused on in recent years due to better returns on revenues,
and have successfully moved away from other less profitable areas.
We expect that these growth levels will be at least maintained,
delivering strong organic growth from this business, and when we
add in additional acquisitions with the same technology platforms
we can deliver significant operational savings from the integrated
customers. All in all, this has been a good process for both sides
and we are now working to complete the definitive agreements and to
raise the necessary funding to complete the transaction as soon as
possible."
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Phone: +1 941 306 3935
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.