AXIOLOGIX, INC. to enter the high-margin money remittance business ahead of schedule through agreement to acquire International Money Management, Inc.
ATLANTA, July 2, 2014 /PRNewswire/ -- Axiologix, Inc. (OTC Pinks: AXLX) announced today that it has entered into a letter of intent to acquire a majority stake in privately held International Money Management, Inc. (IMM) of Newport Beach, CA. in a stock for stock transaction. The transaction is subject to successful due diligence, definitive agreements and Axiologix securing new investment of a minimum of $2 million in funding to coincide with closing this transaction. The transaction is expected to close within the next 60 to 90 days.
The IMM UniBancard program currently accommodates cross-border remittances between customers in the United States and the Dominican Republic using its relationship with MetaBank in the U.S. and Banco Promerica in the Dominican Republic. According to the World Bank, US based individuals remitted $2.8 billion to the Dominican Republic in 2011, the latest available figures.
Vincent Browne, Axiologix Inc.'s CEO said, "A core element of our growth strategy, and the logic behind our recent acquisition of iWorld Services and pending acquisition of iTeknik, is to offer money transfer and mobile wallet services to customers that most need them via existing sales channels in both emerging growth markets and now in the United States. Our vision is to transition to a higher margin business by combining our current offerings of mobile VoIP calling and top-up products with money transfer and remittance services such as IMM provides today. The acquisition of IMM will accelerate our plans in this high value segment and start us on our way to becoming a global player in both online and cash-to-cash remittances."
Gil Figueroa, CEO of International Money Management Inc., said, "Axiologix is a perfect match for IMM. Their vision for the future matches our own. They have the channels that collect client cash in many more places than we had originally planned. We bring the banking relationships and expertise to the team. The Dominican Republic is the first corridor in our plan to provide money transfer and remittance services to working immigrants from other Latin American and Caribbean countries. Now, as a result of our announcement with Axiologix, we are excited for the opportunity to expand our offerings to a global customer base and also widening our home market presence with their pending acquisition of iTeknik's 4,000 plus retail partners across the United States. Together we can bring money transfer and remittance services to much of the world's unbanked communities."
Vincent Browne concluded, "The market potential for international money transfer and remittance services to the world's unbanked populations is staggering. This market currently exceeds $600 billion per year globally, according to the World Bank, and the disruption of new technology and new methods has not even started to be felt yet. In our opinion, the key to success in this market is not just having good technology that can move the funds more quickly, more conveniently and less expensively than current options, but more importantly in having the ability to collect the cash in the first place. That is what we have set about building with these acquisitions. We are bringing great technology and trusted convenient cash collection together that is far less expensive than the current options in a market dominated by so few. With this capability building within Axiologix we will have exciting services and, over time, the presence to meet and beat some of the Fortune 100 organizations who have recently announced interest in this area. We look forward to the challenge."
About Axiologix, Inc.:
Axiologix, Inc. (OTC Pinks: AXLX) based in Atlanta, Georgia USA is a public holding company, whose subsidiaries operate in the rapidly growing International Cloud Communications (VOIP) and high margin Mobile Payments/International Remittances markets. The Company's global products utilize proprietary technologies and sales channels to serve consumer and enterprise markets in the U.S. as well as high growth emerging regions of North Africa and the Middle East. The Company's management builds shareholder value through both organic growth in its focused marketing channels as well as scaling through targeted "roll up" acquisitions in consolidating industries. These subsidiaries benefit from access to financial markets for operational and growth capital and the Company's experienced management team provides operational support to streamline expenses, which creates a sustained competitive advantage while building a market leader. For more information please visit our websites at www.axiologix.net, www.axiocomm.net.
About International Money Management, Inc.
International Money Management, Inc. (IMM) is an innovative marketing and branding company working to help bring financial and lifestyle products and services to immigrants living in the United States. This includes prepaid debit cards, cellular top-off, bill-pay, and prepaid long distance. Additionally, through a strategic relationship with UnePay, LLC in New Jersey, IMM is able to cross market their IMM debit card program along with UnePay's other products offered to thousands of ethnic convenience stores, known as "bodegas" in the tri-state area. Utilizing a unique approach and the latest in technology, IMM and UnePay are leading the way in opening up this niche marketplace.
Forward Looking Statement Disclaimer:
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 Securities and Exchange Commission and 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.