SARASOTA, Fla., Dec. 5, 2013 /PRNewswire/ -- Axiologix, Inc.
(www.axiologix.net) (Pinksheets: AXLX), an International Technology
and Services Organization focused on delivering 'Cloud' telecom
Products and Services globally, today announced that it has
recently completed the acquisition of iWorld Services, a market
leader in delivering retail and wholesale VoIP services, products,
and advanced web applications and software tools targeting high
growth emerging markets.
Founded in 2007, iWorld Services is located in the San Francisco
Silicon Valley area and provides market specific turnkey hosted
solutions for VoIP resellers, distributors, and small medium
businesses globally. It is a market leader in Africa, Middle
East and is expanding to South
America and Asia.
The initial consideration of $6
million consists of $750,000
in cash, $2,750,000 in loan notes
payable quarterly after 12 months and $2,500,000 in Preferred shares of Axiologix, Inc.
There is a potential for additional cash consideration of up to
$4,500,000 based on profitability of
iWorld Services over the next three years. Axiologix drew an
additional $1.75 million from its
revolving line of credit with TCA to provide the cash portion of
the transaction, cover transaction costs and provide working
capital to fund growth of the business going forward. Full details
of the transaction and financing have been filed at:
http://www.otcmarkets.com/stock/AXLX/filings
The management team at iWorld is staying with the group post
transaction, with Mr. Falchi transitioning from CEO to President of
iWorld Services in a continuing role.
Mr. Falchi, President of iWorld Services said, "We are very
pleased and excited with this acquisition by Axiologix as it will
allow us to underpin our activities in the high growth emerging
markets and provide the necessary marketing and technology
experience to continue our expansion and to bring additional
services and products to our existing 300 distribution and reseller
partners going forward. We operate in a very fast moving and ever
changing marketplace and being part of the Axiologix group, and
their plans for further strategic and complimentary acquisitions,
leads us to believe that we have chosen the correct time to sell to
the correct partner to move the business forward."
Vincent Browne, Chairman and
Chief Executive of Axiologix Inc. and iWorld Services said,
"This is clearly a very significant event for Axiologix as we
report the successful completion of this strategic and immediately
revenue accretive addition to our business. We are impressed with
the distribution network that iWorld has created over the years and
also the specific technologies and the powerful multi-level network
infrastructure they have developed to service the unique
characteristics of these markets. We will be bringing additional
products and services to these markets throughout the course of
next year to improve revenues and gross margins from these valuable
markets. It is also significant in that it shows our ability to
close transactions using our current funding methods and will
therefore make future targeted acquisitions more confident in our
ability to close as we move to complete them in 2014."
About Axiologix, Inc.
Axiologix Inc. is an International Technology and Services
Organization focused on delivering Cloud-based telecom 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.