EGG HARBOR TOWNSHIP, N.J., March 15, 2011 /PRNewswire/ -- Axiologix Education Corporation (www.axiologix.net) (OTC Bulletin Board: AXLX), an educational software provider, announced today that the Company has signed a letter of intent to acquire the Software and related assets including a substantial customer list with an existing revenue stream of an undisclosed educational software company. This asset purchase would include over 500,000 users for the software; all intellectual property rights, including rights to the name of the software titles, customer list and contracts; a sales pipeline with existing revenue stream; accounts receivables; employee hardware assets; infrastructure hardware and company specific Internet domain addresses. The acquisition is contingent upon, among other things, the parties entering into a definitive agreement, Axiologix completing its due diligence review of the Target Company, and other ordinary and customary closing conditions and requirements for a transaction of this type.
"We believe that this transaction would be a big step for Axiologix," stated John P. Daglis, CEO of Axiologix Education Corporation. "Upon completion of this acquisition, we would own all rights to a substantial revenue stream with software that has over 500,000 existing users. This can immediately benefit our company and shareholders, as it would add significant revenue to our operating results, which in turn would bring a great deal of attention to Axiologix with regard to the demand for educational software solutions in today's challenges with education reform," Daglis said.
Axiologix Education Corporation is an educational software and services provider. The company is on a quest to become one of the nation's leading partners with school systems K-12 and higher education. Its primary focus is on raising student achievement through the delivery of research-based instructional and assessment design tools that are aligned to Common Core and State Standards. Moreover, the Company provides professional development aimed at the intelligent use of technology combined with effective approaches to instruction and assessment.
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Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Although expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of Axiologix Education Corporation and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive, and other factors affecting Axiologix Education Corporation and its operations; its markets, products, and performance, and other factors detailed in reports filed by Axiologix Education Corporation with the SEC.
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SOURCE Axiologix Education Corporation