Axiologix Signs $5 Million Revolving Credit Facility With TCA Global Credit Master Fund To Support Growth And Advance Acquisition Efforts
SARASOTA, Fla., Sept. 19, 2013 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (Pinksheets:AXLX), an International Technology and Services Organization focused on delivering 'Cloud' Products and Services, today announced that on September 12, 2013, it and all of its wholly owned subsidiaries closed a Senior Secured Revolving Credit Facility of up to $5 million with TCA Global Credit Master Fund, LP ("TCA") to provide operating capital and fund acquisitions.
An initial draw of $250,000, less transaction expenses and necessary debt reduction payments, netted $157,000 for use in existing operations. The Company intends to use the remaining facility primarily to fund revenue and profit accretive acquisitions. Additional draws under the facility are available on an as-needed basis, based on a mutually approved formula of eligible receivables and assets, subject to continuing compliance with the terms of the revolving credit facility.
Also, as a condition of the facility, the Company agreed to register its shares of common stock with the Securities and Exchange Commission (SEC), through the filing of a SEC Form 10, within three months of the Closing.
For additional information on this financing and related transactions and exhibits please refer to the Company's filings with the OTC Markets Disclosure Service at http://www.otcmarkets.com/stock/AXLX/filings
Vincent Browne, Chairman and Chief Executive of Axiologix, Inc. said, "This is another significant event in our development and growth plans. This facility with TCA forms a key pillar in our funding capability and, with another strong funding partner behind us, demonstrates to customers, partners and targeted acquisitions collectively that we are in a position to execute. Whereas, this facility may not be suitable for all acquisitions, the confidence that such proof of funds provides and our ability to move quickly on transactions should make us more attractive to potential sellers and provide an advantage in competitive negotiations. We look forward to building a strong relationship with TCA over the coming months and years."
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About TCA Global Credit Master Fund, LP
TCA Global Credit Master Fund, TCA, is a short duration, absolute return fund specializing in senior secured lending and advisory services to small, mainly listed companies predominately in the U.S., Canada, Western Europe and Australia. TCA's specialist business fills the underserved small-cap lending gap that exists in these leading markets. The TCA team has an unparalleled level of domestic and cross-border expertise, long-standing relationships and a history of comprehensive funding innovations. This reflects in its history of successful, completed transactions and high level of repeat business. Additional information may be found at www.tcaglobalfund.com
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 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.