ATLANTA, April 17, 2014 /PRNewswire/ -- Axiologix,
Inc. (OTC Pinks: AXLX) announced today that it has executed
definitive agreements to acquire a controlling interest in iTeknik
Holding Corporation, located in Commerce,
Michigan, USA, that will bring nearly $11 million in additional annual revenues to
Axiologix.
On closing, Axiologix will acquire a 55.6% controlling interest
in iTeknik Holding Corporation with a cash payment of $975,000 U.S. Dollars and deferred payments of
$800,000 over 18 months to be paid to
the current majority shareholders. On closing, iTeknik Holding
Corporation and its operating companies will become subsidiaries of
Axiologix, Inc. that will then consolidate the iTeknik financial
results with those of its other subsidiaries to create a profitable
company with over $22 million in
annual revenues.
The transaction is expected to close within 60 days. Full
details of the transaction can be found in the Axiologix's
Supplemental Report filed at:
http://www.otcmarkets.com/stock/AXLX/filings.
Vincent Browne, Axiologix Inc.'s
CEO, said, "This acquisition is completely complementary to our
recent acquisition of iWorld Services, Inc. With the proprietary
technologies of both companies, their shared platforms and channel
relationships this will accelerate our ability grow organically as
well as to launch new high value, high margin products addressing
key needs of current and future customers."
Fredrick W. Wicks, Chairman and
CEO of iTeknik Holding Corporation, stated, "We are very pleased
to have found an organization that can help iTeknik and Send Global
grow. Axiologix has a very strong global strategy that has
the potential of creating a large technology and services
enterprise."
Dennis Mitrano, Axiologix
President and Chief Operating Officer, added, "We look forward
to completing this transaction as soon as possible so that our
shareholders can realize the true savings and opportunities from
this acquisition and then we will be ready to take on the next
planned venture."
Investor Relations Contact:
Vincent Browne
E-mail: vbrowne@axiologix.net
Phone: +1 770-392-4284
About Axiologix, Inc.:
Axiologix, Inc. (OTC Pinks: AXLX), based in Atlanta, Georgia, USA, is a public holding
company, whose subsidiaries operate in the rapidly growing
International Cloud Communications (VOIP) and high margin Mobile
Payments/International Remittances markets. The Company's global
products utilize proprietary technologies and sales channels to
serve consumer and enterprise markets in the U.S. as well as high
growth emerging regions of North
Africa and Middle East. The
Company's management builds shareholder value through both organic
growth in its focused marketing channels as well as scaling through
targeted "roll up" acquisitions in consolidating markets. These
subsidiaries benefit from access to financial markets for
operational and growth capital and the Company's experienced
management team provides operational support to streamline
expenses, which creates a sustained competitive advantage while
building a market leader. For more information please visit our
websites at www.axiologix.net, www.axiocomm.net,
www.primecarrier.com and iworldservices.com.
About iTeknik Holding Corporation:
iTeknik Holding Corporation was formed to develop and launch new
technology and products in the global communications market.
Through its Send Global subsidiary, iTeknik provides wholesale and
retail telecommunications services, and products worldwide. Its
services include voice over Internet protocol origination and
termination; A-Z routing and switching; wholesale carrier routing
services; reseller billing and reporting; Web-based reseller
solutions; prepaid calling card solutions; international cellular
calling; and retail point of sale solutions. The company serves B2B
carriers, telecom resellers, retail outlets and consumers direct
through websites such as www.MyMobile011.com, www.GreatMinutes.com,
www.AloBilady.com, www.IndiaMinutes.com and
www.MexicoMinutes.com. iTeknik Holding Corporation was
founded in 2007 and is based in Commerce,
Michigan. Through its subsidiaries, iTeknik has more than 16
years of history in the telecommunications industry. For more
information please visit website www.iteknik.com and
www.sendglobal.com.
Forward Looking Statement Disclaimer:
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.