ATLANTA, Feb. 25, 2014 /PRNewswire/ -- Axiologix,
Inc. (www.axiologix.net) (Pinksheets:AXLX), an International
Technology and Services Organization focused on delivering 'Cloud'
telecom Products and Services globally, today provides guidance on
financial results for its 2nd quarter ended November 30, 2013 following completion of the
acquisition of iWorld Services (IWS) in November and also updates
on the status of other acquisitions and its ongoing
audit.
Revenues for the quarter ended November 30, 2013 exceeded $400,000 for the quarter, over double that of the
same period the year before. The increase is directly related to
the inclusion of $260k generated from
IWS for the last ten 10 days of November following completion of
the acquisition. Full quarter revenues from IWS will be included in
the current quarter ending February 28,
2014 that is forecast to come in above $2.5 million for the quarter.
The Company intends to file its full report for the six
months ended November 30, 2013
through the SEC EDGAR reporting system before the end of
March 2014, including audited
accounts for the previous two financial years as part of
re-registering its common stock and returning to fully reporting
status with the SEC.
Despite best efforts from both sides throughout 2013,
Axiologix and Velocity Networks were ultimately unable to complete
their previously announced acquisition and have formally terminated
the process. Axiologix continues to build a pipeline of additional
acquisitions as part of its core growth strategy and has recently
agreed to a letter of intent to acquire a U.S. based provider of
international mobile services and products that are complimentary
to IWS services.
Vincent Browne, Chairman
and Chief Executive of Axiologix Inc., said, "I know that our
shareholders have been patiently waiting on some updates from the
business over the past few months. This release provides us an
opportunity to provide a brief update on some key activities we
have previously announced. It must be acknowledged that prior to
completing the acquisition of IWS late last year we had a very
small management team with a lot of different roles being taken up
by single individuals. Therefore, integrating an acquisition as
transformative as IWS was for Axiologix brought its own challenges,
but when coupled with performing full audits for the financial
years ended May 2013 and May 2012 and working to file a Form 10, it has
put significant workload on limited management resources. At the
same time, while unfortunately the Velocity acquisition process was
terminated, which was a huge disappointment for both management
teams, we have continued to build out our acquisition pipeline for
2014 and are now moving to definitive agreements with an exciting
business that is complimentary to IWS. Another recent update is
that we have moved our corporate headquarters from Sarasota, Florida to Atlanta, Georgia. We do appreciate the
patience that our shareholders have shown over the previous few
months and look forward to having more frequent updates going
forward as we continue to build a robust and long term business in
Axiologix."
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 Atlanta, 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.