SARASOTA, Fla., Feb. 26, 2013 /PRNewswire/ -- Axiologix,
Inc. (www.axiologix.net) (AXLX.PK), an International Technology and
Services Organization focused on delivering 'Cloud' Products and
Services, today announces it has settled over $800,000 in debt and trade payables, removing
these obligations from its balance sheet, in exchange for issuance
of common stock to Ironridge Global Technology, an institutional
investor specializing in direct equity investments in
telecommunications, electronics, computer, and technology
companies.
As a result of the transaction, Axiologix has turned secured
debt and other strategic payables on the balance sheet into equity.
This has significantly strengthened the balance sheet position that
will give existing customers more confidence, support the Company's
acquisition process and allow the positive cash flows currently
created in the business to be focused on growth rather than debt
servicing. Full details of the transaction can be found in a
Supplemental Information Statement filed today at
www.otcmarkets.com/stock/AXLX/filings.
Vincent Browne, Chairman and
Chief Executive of Axiologix, Inc. said, "This is a hugely
important event for us and comes at a great time for our Company.
We recently announced the completion of a Letter of Intent to
acquire a leading IP voice and data operator and having such a
supportive and strong investor come into the business at this time
underpins our ability to close this and other transactions. I would
like to thank Ironridge for their confidence in Axiologix and our
strategy and we look forward to a very rewarding partnership going
forward."
"We are impressed with what Vincent and the team at Axiologix
have achieved so far," commented John
C. Kirkland, Managing Director of Ironridge Global Partners.
"Cloud computing is growing at an unprecedented rate. Gartner
predicts it will be over the $148
billion mark by 2014, much greater than Forrester's forecast
of over $118 billion for the same
year. Analysts and leaders in the cloud computing sector have
agreed upon one thing: the global demand for hosted IT services
will push cloud computing's rapid growth as cloud-based solutions
continue to offer significant resolutions for organizations of all
types and sizes. We are very pleased to complete this first
transaction with Axiologix and look forward to an exciting future
with them in this exciting sector."
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
About Ironridge Technology Co.
Ironridge Technology Co. is a division of Ironridge Global IV,
Ltd. that specializes in direct equity investments in
telecommunications, electronics, computer, and technology
companies. Ironridge Global is an institutional investor, making
direct equity investments in small cap public companies. The firm
seeks to be a long-term financial partner, assisting public
companies in financing operations and expansion by supplying
innovative funding solutions and flexible capital. The firm does
not desire to influence or control management, will not restrict
use of proceeds, requires no restrictive covenants, and will never
take an affiliate or control position. Ironridge Global exclusively
places its trust in current management with a strong vision for
accelerated growth and increased shareholder value. For more
information on Ironridge Global, please visit
www.IronridgeGlobal.com.
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.
