Axiologix, Inc. Announces $7.5 Million Preferred Equity Investment
With Ironridge Technology
SARASOTA, Fla., May 7, 2013 /PRNewswire/ -- Axiologix, Inc.
(www.axiologix.net) (Pinksheets: AXLX), an International Technology
and Services Organization focused on delivering Cloud-based
Products and Services, announced today that it has entered into a
$7.5 million Preferred Equity
Investment with Ironridge Technology Co., a division of Ironridge
Global.
The Company plans to use the proceeds from this structured
investment to fund operational growth, such as the joint venture
announced on May 2nd, make
additional strategic and immediately accretive acquisitions and to
pay down remaining debt over time.
Under the terms of the agreement, Axiologix will issue Ironridge
restricted Series C Convertible Preferred Shares as funds are drawn
down monthly. These are convertible into restricted common stock at
a fixed price of $0.0008 per share.
Ironridge will be unable to convert the preferred shares into
common stock for at least 12 months after each issuance. The
Preferred shares will earn dividends of 8% per year, subject to
common stock share price performance during the period that will
either decrease or increase the dividends payable. The first
Closing occurred on May 2, 2013 in
which the Company received $50,000.
Each subsequent Closing will take place on the first day of each
calendar month thereafter or sooner, at the Company's option if
certain conditions set forth in the Stock Purchase Agreement are
met. Full details of the transaction have been posted at
http://www.otcmarkets.com/stock/AXLX/filings
John C. Kirkland, Managing Director
of Ironridge Global Partners said, "We are very pleased to make
this next commitment to Axiologix following our first $800,000 investment earlier this year. According
to an April 2013 report from
Infonetics Research, the global VoIP services market totaled
$63 billion in 2012, and demand for
business VOIP services, enterprise cloud-based services, hosted
VoIP and UC services, SIP trunks, and managed IP PBX services all
grew in 2012 from 2011. Demand for cloud telephony and unified
communications services alongside SIP trunking is increasing as
more multi-site businesses seek out hybrid solutions. Vincent and
his Axiologix team have executed well against their stated plans
and fully performed as promised."
Vincent Browne, Chairman and CEO of
Axiologix, Inc., commented. "This is another truly significant
milestone for our Company and we would like to thank Ironridge for
showing such confidence in what we are working towards. With this
equity funding now in place from such a respected institutional
investor we now have the necessary foundations to underpin our
ambitious plans. This is a clear message to all of our partners,
both current and future that we have the necessary firepower to
complete on what we set out to do. This confidence will allow us to
negotiate better terms with prospective lenders for the pending
acquisitions and allow us to avoid short-term funding options that
typically require issuing stock at deep discounts as has been the
case in the past. It will generate confidence for our acquisition
targets that not only can we pay for them, but we can also invest
in making them grow faster once we have. We have been working
toward this situation for some time and I am personally delighted
to have reached this milestone at this exciting time for our
Company."
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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.