Axiologix, Inc. To Attain Profitability With Velocity Networks
Acquisition; Will See Increase In Annual Earnings Approaching $1
Million
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.