Axiologix, Inc. Signs Definitive Agreement To Acquire Assets Of International Money Management Inc. To Strengthen Money Transfer Portfolio
ATLANTA, Feb. 3, 2015 /PRNewswire/ -- Axiologix Inc. (www.axiologix.net) (Pinksheets: AXLX), operating in the rapidly growing Mobile Payments and International Remittance markets, today announces that it has completed definitive agreements to acquire certain assets of International Money Management Inc. ("IMM"), based in Irvine CA. The transaction is subject to certain closing conditions that include Axiologix securing new investment of a minimum of $500,000 in funding to coincide with closing this transaction. Interested parties have committed the required funding and Axiologix will now move to complete the acquisition and funding transactions as soon as possible, currently expected to be within the first calendar quarter of 2015.
IMM markets a U.S. issued prepaid debit card that is uniquely affiliated with a distinctly independent foreign bank debit card, allowing money to be transferred to the foreign country via a "person-to-person" conveyance. This new financial service permits working immigrants to share money with debit card holders faster, better and far less expensive then currently available options. It also uniquely offers the ability to pay bills or insurance premiums due in their home country of origin or even to withdraw money in the U.S. or internationally using their IMMCard.
The two companies have been conducting requisite due diligence since the signing of a letter-of-intent in July 2014 resulting in this asset purchase agreement. The current IMM management team will remain with the combined business on completion to expand their business to enhance Axiologix management.
Full details of the transaction have been posted on the OTC Markets Alternative Reporting Service at (http://www.otcmarkets.com/stock/AXLX/filings)
Gil Figueroa, CEO of IMM, said, "This opportunity to work as part of Axiologix will bring about the final stage in the IMM's development, creating a new way of providing cross-border financial services to an underserved population in the U.S. By offering hard working people access to banking services, we expand financial benefits not only to the cardholders, but also to the economies of the countries themselves. We are very proud of our business, designed specifically for those people who so bravely committed to financially support their families thousand of miles away, it is truly a win/win/win proposition."
Vincent Browne, Chairman and Chief Executive of Axiologix, commented, "We are pleased to have reached this milestone in the process. The acquisition of IMM will accelerate our new exclusive focus on money transfer services and is complimentary to our current Genie Cash offerings. It will also bring necessary remittance management expertise to our Company. This is truly a very exciting market and we look forward to completing the acquisition just as soon as possible and working with Gil and his team in building a truly global player. Remittances generate three times more money every year than the total global aid budget, according to the World Bank, which projects that approximately $436bn was sent overseas in 2014. Our aim is to make sending money home to loved ones much more affordable and convenient for migrant workers than it is today and to do this by disrupting the stranglehold that firms such as Western Union and Moneygram have had in this market for far too long."
About Axiologix, Inc.
Axiologix, Inc. (OTC Pinks: AXLX) based in Atlanta, Georgia, USA operates in the rapidly growing Mobile Payments and International Remittance markets. Our key focus is on un-banked and under-banked communities both in the United States and around the World. Together with our innovative strategic partners we provide disruptive 'Cloud' banking services such as 'member-to-member' payments and merchant services using cell phones and the Internet, along with linked debit cards for convenience and international mobile money remittance transfers at a keystroke. Our users have long sought to use more convenient, more inclusive and ultimately more affordable banking services that are currently unavailable to them from regular banking channels. 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.
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