SARASOTA, Fla., Feb. 26, 2013 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (AXLX.PK), an International Technology and Services Organization focused on delivering 'Cloud' Products and Services, today announces it has settled over $800,000 in debt and trade payables, removing these obligations from its balance sheet, in exchange for issuance of common stock to Ironridge Global Technology, an institutional investor specializing in direct equity investments in telecommunications, electronics, computer, and technology companies.
As a result of the transaction, Axiologix has turned secured debt and other strategic payables on the balance sheet into equity. This has significantly strengthened the balance sheet position that will give existing customers more confidence, support the Company's acquisition process and allow the positive cash flows currently created in the business to be focused on growth rather than debt servicing. Full details of the transaction can be found in a Supplemental Information Statement filed today at www.otcmarkets.com/stock/AXLX/filings.
Vincent Browne, Chairman and Chief Executive of Axiologix, Inc. said, "This is a hugely important event for us and comes at a great time for our Company. We recently announced the completion of a Letter of Intent to acquire a leading IP voice and data operator and having such a supportive and strong investor come into the business at this time underpins our ability to close this and other transactions. I would like to thank Ironridge for their confidence in Axiologix and our strategy and we look forward to a very rewarding partnership going forward."
"We are impressed with what Vincent and the team at Axiologix have achieved so far," commented John C. Kirkland, Managing Director of Ironridge Global Partners. "Cloud computing is growing at an unprecedented rate. Gartner predicts it will be over the $148 billion mark by 2014, much greater than Forrester's forecast of over $118 billion for the same year. Analysts and leaders in the cloud computing sector have agreed upon one thing: the global demand for hosted IT services will push cloud computing's rapid growth as cloud-based solutions continue to offer significant resolutions for organizations of all types and sizes. We are very pleased to complete this first transaction with Axiologix and look forward to an exciting future with them in this exciting sector."
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
About Ironridge Technology Co.
Ironridge Technology Co. is a division of Ironridge Global IV, Ltd. that specializes in direct equity investments in telecommunications, electronics, computer, and technology companies. Ironridge Global is an institutional investor, making direct equity investments in small cap public companies. The firm seeks to be a long-term financial partner, assisting public companies in financing operations and expansion by supplying innovative funding solutions and flexible capital. The firm does not desire to influence or control management, will not restrict use of proceeds, requires no restrictive covenants, and will never take an affiliate or control position. Ironridge Global exclusively places its trust in current management with a strong vision for accelerated growth and increased shareholder value. For more information on Ironridge Global, please visit www.IronridgeGlobal.com.
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.