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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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.