ATLANTA, July 2, 2014 /PRNewswire/ -- Axiologix, Inc. (OTC
Pinks: AXLX) announced today that it has entered into a letter of
intent to acquire a majority stake in privately held International
Money Management, Inc. (IMM) of Newport
Beach, CA. in a stock for stock transaction. The transaction
is subject to successful due diligence, definitive agreements and
Axiologix securing new investment of a minimum of $2 million in funding to coincide with closing
this transaction. The transaction is expected to close within the
next 60 to 90 days.
The IMM UniBancard program currently accommodates cross-border
remittances between customers in the
United States and the Dominican
Republic using its relationship with MetaBank in the U.S.
and Banco Promerica in the Dominican
Republic. According to the World Bank, US based individuals
remitted $2.8 billion to the
Dominican Republic in 2011, the
latest available figures.
Vincent Browne, Axiologix Inc.'s
CEO said, "A core element of our growth strategy, and the logic
behind our recent acquisition of iWorld Services and pending
acquisition of iTeknik, is to offer money transfer and mobile
wallet services to customers that most need them via existing sales
channels in both emerging growth markets and now in the United States. Our vision is to transition
to a higher margin business by combining our current offerings of
mobile VoIP calling and top-up products with money transfer and
remittance services such as IMM provides today. The
acquisition of IMM will accelerate our plans in this high value
segment and start us on our way to becoming a global player in both
online and cash-to-cash remittances."
Gil Figueroa, CEO of
International Money Management Inc., said, "Axiologix is a perfect
match for IMM. Their vision for the future matches our
own. They have the channels that collect client cash in many
more places than we had originally planned. We bring the
banking relationships and expertise to the team. The Dominican Republic is the first corridor in
our plan to provide money transfer and remittance services to
working immigrants from other Latin American and Caribbean countries. Now, as a result of our
announcement with Axiologix, we are excited for the opportunity to
expand our offerings to a global customer base and also widening
our home market presence with their pending acquisition of
iTeknik's 4,000 plus retail partners across the United States. Together we can bring money
transfer and remittance services to much of the world's unbanked
communities."
Vincent Browne concluded, "The
market potential for international money transfer and remittance
services to the world's unbanked populations is staggering. This
market currently exceeds $600 billion
per year globally, according to the World Bank, and the disruption
of new technology and new methods has not even started to be felt
yet. In our opinion, the key to success in this market is not just
having good technology that can move the funds more quickly, more
conveniently and less expensively than current options, but more
importantly in having the ability to collect the cash in the first
place. That is what we have set about building with these
acquisitions. We are bringing great technology and trusted
convenient cash collection together that is far less expensive than
the current options in a market dominated by so few. With this
capability building within Axiologix we will have exciting services
and, over time, the presence to meet and beat some of the Fortune
100 organizations who have recently announced interest in this
area. We look forward to the challenge."
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 the 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
industries. 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.
About International Money Management, Inc.
International Money Management, Inc. (IMM) is an innovative
marketing and branding company working to help bring financial and
lifestyle products and services to immigrants living in
the United States. This includes
prepaid debit cards, cellular top-off, bill-pay, and prepaid long
distance. Additionally, through a strategic relationship with
UnePay, LLC in New Jersey, IMM is
able to cross market their IMM debit card program along with
UnePay's other products offered to thousands of ethnic convenience
stores, known as "bodegas" in the tri-state area. Utilizing a
unique approach and the latest in technology, IMM and UnePay are
leading the way in opening up this niche marketplace.
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.