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.