ATLANTA, Feb. 25, 2014 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (Pinksheets:AXLX), an International Technology and Services Organization focused on delivering 'Cloud' telecom Products and Services globally, today provides guidance on financial results for its 2nd quarter ended November 30, 2013 following completion of the acquisition of iWorld Services (IWS) in November and also updates on the status of other acquisitions and its ongoing audit.
Revenues for the quarter ended November 30, 2013 exceeded $400,000 for the quarter, over double that of the same period the year before. The increase is directly related to the inclusion of $260k generated from IWS for the last ten 10 days of November following completion of the acquisition. Full quarter revenues from IWS will be included in the current quarter ending February 28, 2014 that is forecast to come in above $2.5 million for the quarter.
The Company intends to file its full report for the six months ended November 30, 2013 through the SEC EDGAR reporting system before the end of March 2014, including audited accounts for the previous two financial years as part of re-registering its common stock and returning to fully reporting status with the SEC.
Despite best efforts from both sides throughout 2013, Axiologix and Velocity Networks were ultimately unable to complete their previously announced acquisition and have formally terminated the process. Axiologix continues to build a pipeline of additional acquisitions as part of its core growth strategy and has recently agreed to a letter of intent to acquire a U.S. based provider of international mobile services and products that are complimentary to IWS services.
Vincent Browne, Chairman and Chief Executive of Axiologix Inc., said, "I know that our shareholders have been patiently waiting on some updates from the business over the past few months. This release provides us an opportunity to provide a brief update on some key activities we have previously announced. It must be acknowledged that prior to completing the acquisition of IWS late last year we had a very small management team with a lot of different roles being taken up by single individuals. Therefore, integrating an acquisition as transformative as IWS was for Axiologix brought its own challenges, but when coupled with performing full audits for the financial years ended May 2013 and May 2012 and working to file a Form 10, it has put significant workload on limited management resources. At the same time, while unfortunately the Velocity acquisition process was terminated, which was a huge disappointment for both management teams, we have continued to build out our acquisition pipeline for 2014 and are now moving to definitive agreements with an exciting business that is complimentary to IWS. Another recent update is that we have moved our corporate headquarters from Sarasota, Florida to Atlanta, Georgia. We do appreciate the patience that our shareholders have shown over the previous few months and look forward to having more frequent updates going forward as we continue to build a robust and long term business in Axiologix."
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 Atlanta, 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 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.