Axiologix Continues Its Acquisition Plans With The Addition Of $3
Million Cloud Service Provider
SARASOTA, Fla., July 11, 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 it is continuing to
move forward with its acquisition strategy with the completion of a
Letter of Intent to acquire a fast growing Managed Service Provider
currently delivering business grade voice, data and managed
services to small and medium enterprises (SMEs). Details of the
transaction are not being disclosed pending completion of the
necessary due diligence and definitive agreements. The transaction
is expected to close within the next 90 days, subject to completion
of due diligence and funding.
The acquisition, when consummated, will bring annual revenues
in excess of $3 million to the group
with positive EBITDA of 10% to 15%. The target acquisition
currently operates its own network, delivering Wireless/Wimax,
Metro Ethernet and Fiber based services. Its hosting platforms
provide VoIP, Hosted PBX, DNS, E-mail Services; Web & Database
Management; Data Center Collocation; VPN & Secured Network
Services and Monthly Maintenance services to over 600 business
customers.
These services are complimentary to those of Velocity
Networks, Inc. AXLX completed definitive agreements with Velocity
in June. Both Velocity and the new acquisition will have
significant cross-sell opportunities to existing customers to
accelerate revenue growth. Management has also identified
reductions to the operating costs of both companies through the use
of shared service and network assets, resulting in increased income
from existing revenue streams.
Dennis Mitrano, President of
Telecom Operations at Axiologix, commented, "We are clearly very
pleased to announce another complimentary acquisition in line with
our core growth strategy. This will be a great addition to our
existing profitable business that will bring our combined group
revenues to over $9 million per year
and will deliver sustained profitability going forward. We look
forward to completing these acquisitions as soon as possible. I am
personally looking forward to working with our expanding team of
professionals as we build a nationwide operation
together."
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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.