SARASOTA, Fla., Feb. 20, 2013 /PRNewswire/ -- Axiologix Inc. (www.axiologix.net), (AXLX) an International Technology and Services Organization focused on delivering 'Cloud' Products and Services today announces that it has completed a Letter of Intent to acquire 100% of a leading California based provider of IP voice, data and managed services to small and medium enterprises (SMEs) across the United States. Details of the transaction are not being disclosed until completion of the necessary due diligence, which has commenced, and signing of definitive agreements. Subject to successful completion of the above and Axiologix closing the necessary funding, the transaction is expected to close within the next 120 days.
Completion of the acquisition would bring immediate additional annual revenues in excess of $5 million to the group and is EBITDA positive. When consolidated with other pending acquisitions in the VoIP market, the combined operating costs can be reduced due to shared common services and network cost reductions, therefore generating more positive income from the existing revenue streams when combined.
Dennis Mitrano, President of Telecom Operations at Axiologix, commented, "We are pleased to announce the advancement of our stated core growth strategy. This announcement stems from a number of ongoing discussions with similar providers and marks a significant milestone in the execution of our business plan. It is a great, accretive acquisition to our existing profitable business. We are delighted with the deal and with the company and look forward to bringing this exciting company into our expanding group. The management team has achieved the hardest part in growing any business, acquiring loyal customers, some of which are household names, and achieving profitable operations. They are also growing at 20% per year and I am personally looking forward to working with them as we build a nationwide operation together."
Vincent Browne, Chairman and Chief Executive of Axiologix, said, "We look forward to finalizing this significant transaction as soon as possible and delivering on our goal of growing through acquisition of leading companies with excellent management and proven execution in this high growth market. One of the most exciting things to come from our strategy is the ability to add additional value added services, that each company has, and upsell these to the loyal customers of the other companies. This significantly reduces our new customer acquisition costs making the group more competitive overall going forward."
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.