Axiologix Signs Agreement to Acquire Controlling Interest in iTeknik Holding Corporation; Will Double Annual Revenues to Over $22 Million Upon Completion
ATLANTA, April 17, 2014 /PRNewswire/ -- Axiologix, Inc. (OTC Pinks: AXLX) announced today that it has executed definitive agreements to acquire a controlling interest in iTeknik Holding Corporation, located in Commerce, Michigan, USA, that will bring nearly $11 million in additional annual revenues to Axiologix.
On closing, Axiologix will acquire a 55.6% controlling interest in iTeknik Holding Corporation with a cash payment of $975,000 U.S. Dollars and deferred payments of $800,000 over 18 months to be paid to the current majority shareholders. On closing, iTeknik Holding Corporation and its operating companies will become subsidiaries of Axiologix, Inc. that will then consolidate the iTeknik financial results with those of its other subsidiaries to create a profitable company with over $22 million in annual revenues.
The transaction is expected to close within 60 days. Full details of the transaction can be found in the Axiologix's Supplemental Report filed at: http://www.otcmarkets.com/stock/AXLX/filings.
Vincent Browne, Axiologix Inc.'s CEO, said, "This acquisition is completely complementary to our recent acquisition of iWorld Services, Inc. With the proprietary technologies of both companies, their shared platforms and channel relationships this will accelerate our ability grow organically as well as to launch new high value, high margin products addressing key needs of current and future customers."
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "We are very pleased to have found an organization that can help iTeknik and Send Global grow. Axiologix has a very strong global strategy that has the potential of creating a large technology and services enterprise."
Dennis Mitrano, Axiologix President and Chief Operating Officer, added, "We look forward to completing this transaction as soon as possible so that our shareholders can realize the true savings and opportunities from this acquisition and then we will be ready to take on the next planned venture."
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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 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 markets. 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, www.primecarrier.com and iworldservices.com.
About iTeknik Holding Corporation:
iTeknik Holding Corporation was formed to develop and launch new technology and products in the global communications market. Through its Send Global subsidiary, iTeknik provides wholesale and retail telecommunications services, and products worldwide. Its services include voice over Internet protocol origination and termination; A-Z routing and switching; wholesale carrier routing services; reseller billing and reporting; Web-based reseller solutions; prepaid calling card solutions; international cellular calling; and retail point of sale solutions. The company serves B2B carriers, telecom resellers, retail outlets and consumers direct through websites such as www.MyMobile011.com, www.GreatMinutes.com, www.AloBilady.com, www.IndiaMinutes.com and www.MexicoMinutes.com. iTeknik Holding Corporation was founded in 2007 and is based in Commerce, Michigan. Through its subsidiaries, iTeknik has more than 16 years of history in the telecommunications industry. For more information please visit website www.iteknik.com and www.sendglobal.com.
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.