ATLANTA, Feb. 3, 2015 /PRNewswire/ -- Axiologix Inc.
(www.axiologix.net) (Pinksheets: AXLX), operating in the rapidly
growing Mobile Payments and International Remittance markets, today
announces that it has completed definitive agreements to acquire
certain assets of International Money Management Inc. ("IMM"),
based in Irvine CA. The
transaction is subject to certain closing conditions that include
Axiologix securing new investment of a minimum of $500,000 in funding to coincide with closing this
transaction. Interested parties have committed the required funding
and Axiologix will now move to complete the acquisition and funding
transactions as soon as possible, currently expected to be within
the first calendar quarter of 2015.
IMM markets a U.S. issued prepaid debit card that is uniquely
affiliated with a distinctly independent foreign bank debit card,
allowing money to be transferred to the foreign country via a
"person-to-person" conveyance. This new financial service permits
working immigrants to share money with debit card holders faster,
better and far less expensive then currently available options. It
also uniquely offers the ability to pay bills or insurance premiums
due in their home country of origin or even to withdraw money in
the U.S. or internationally using their IMMCard.
The two companies have been conducting requisite due diligence
since the signing of a letter-of-intent in July 2014 resulting in this asset purchase
agreement. The current IMM management team will remain with the
combined business on completion to expand their business to enhance
Axiologix management.
Full details of the transaction have been posted on the OTC
Markets Alternative Reporting Service at
(http://www.otcmarkets.com/stock/AXLX/filings)
Gil Figueroa, CEO of IMM, said,
"This opportunity to work as part of Axiologix will bring about
the final stage in the IMM's development, creating a new way of
providing cross-border financial services to an underserved
population in the U.S. By offering hard working people access to
banking services, we expand financial benefits not only to the
cardholders, but also to the economies of the countries themselves.
We are very proud of our business, designed specifically for those
people who so bravely committed to financially support their
families thousand of miles away, it is truly a win/win/win
proposition."
Vincent Browne, Chairman and
Chief Executive of Axiologix, commented, "We are pleased to have
reached this milestone in the process. The acquisition of IMM will
accelerate our new exclusive focus on money transfer services and
is complimentary to our current Genie
Cash offerings. It will also bring necessary remittance
management expertise to our Company. This is truly a very exciting
market and we look forward to completing the acquisition just as
soon as possible and working with Gil and his team in building a
truly global player. Remittances generate three times more money
every year than the total global aid budget, according to the World
Bank, which projects that approximately $436bn was sent overseas in 2014. Our aim is to
make sending money home to loved ones much more affordable and
convenient for migrant workers than it is today and to do this by
disrupting the stranglehold that firms such as Western Union and
Moneygram have had in this market for far too long."
About Axiologix, Inc.
Axiologix, Inc. (OTC Pinks: AXLX)
based in Atlanta, Georgia, USA
operates in the rapidly growing Mobile Payments and International
Remittance markets. Our key focus is on un-banked and under-banked
communities both in the United
States and around the World. Together with our innovative
strategic partners we provide disruptive 'Cloud' banking services
such as 'member-to-member' payments and merchant services using
cell phones and the Internet, along with linked debit cards for
convenience and international mobile money remittance transfers at
a keystroke. Our users have long sought to use more convenient,
more inclusive and ultimately more affordable banking services that
are currently unavailable to them from regular banking channels.
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.
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visit:http://www.prnewswire.com/news-releases/axiologix-inc-signs-definitive-agreement-to-acquire-assets-of-international-money-management-inc-to-strengthen-money-transfer-portfolio-300029952.html
SOURCE Axiologix, Inc.
