SARASOTA, Fla., June 25, 2013 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (OTC Pink: AXLX), an International Technology and Services Organization focused on delivering Cloud-based Products and Services, announced today that following the recent completion of a Definitive Agreement to acquire 100% of the equity of Velocity Networks, Inc. (http://www.vel.net), a leading IP Voice and Data provider based in Los Angeles, California, the Company expects that annual EBITDA earnings will increase by approximately $1 million that would bring it to overall profitability.
The transaction is subject to certain closing conditions and full details of the transaction have been posted through the OTC Markets Disclosure and News Service at (http://www.otcmarkets.com/stock/AXLX/filings).
Vincent Browne, Chairman and Chief Executive of Axiologix, Inc., commented, "As I have said before, this is a transformational deal for Axiologix and our shareholders, and it brings the Company to a new level of operations and trajectory. After this acquisition, Axiologix will generate in excess of $6 million in annual revenues, but more importantly, break into sustained profitability. We are working very hard to bring all of the necessary elements together to complete this acquisition as soon as possible so we can close on additional acquisition candidates we have already identified in order to deliver our vision of becoming a nationwide provider of Cloud services to small and medium enterprises."
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About Velocity Networks, Inc.
Velocity Networks is a growing managed technology provider serving the US market. The Company's goal is to provide small and medium sized companies with integrated business technology services that will help increase their business productivity and reduce the costs associated with Information Technology. Velocity Networks is a leading provider of Business VoIP services including Hosted PBX, SIP Trunking, Wholesale VoIP, Hosted Call Center and broadband services. Velocity Networks, Inc. currently has revenues of over $5 million per year and is growing at 15 percent annually. Additional information may be found at www.vel.net
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 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.