Business
Axiologix, Inc. Reduces Debt By $775,372 (Over 40%) In Third Fiscal Quarter.
Axiologix, Inc. Reduces Debt By $775,372 (Over 40%) In Third Fiscal Quarter..
About this update from Axiologix Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\nAxiologix, Inc. Reduces Debt By $775,372 (Over 40%) In Third Fiscal Quarter.\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nAxiologix, Inc. Reduces Debt By $775,372 (Over 40%) In Third Fiscal Quarter.\n\nWILL USE CASH SAVED TO CONTINUE GROWTH.\n\nPR Newswire\n\nSARASOTA, Fla., April 30, 2013\n\n\n\n\n\n\n\n \n \n \n \n\n\nSARASOTA, Fla., April 30, 2013 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (AXLX.PK), an International Technology and Services Organization focused on delivering 'Cloud' Products and Services, announces that total debt reduced by $775,372 or 41% in the three months ended February 28, 2013 following the $800,000 equity transaction with Institutional Investor, Ironridge Technology Co.\n\n\nCurrent liabilities reduced to $712,368 at February 28, 2013 from $1,332,446 at November 30, 2012 while long term liabilities reduced from $555,274 to $400,000 in the same period. Full details can be found at www.otcmarkets.com/stock/AXLX/quote \n\n\n\nSignificantly, as part of the Ironridge transaction, secured debt of around $495,000 was fully paid down resulting in immediate monthly cash savings to the business of approximately $30,000 in principle and interest payments. In addition key payables of over $300,000 were also converted to equity. The Company will use the cash freed up to drive its organic growth efforts. In addition, the stronger balance sheet as a result of the reduction in debt should make the Company more attractive to potential funders for pending and future acquisitions that the Company is currently pursuing.\n\n\n\nVincent Browne, Chairman and Chief Executive of Axiologix, Inc. said, \"We wanted to ensure that our current and potential future stakeholders fully understood the significance of our transaction with Ironridge and just what it means for our Company. The conversion of the secured debt and payables into equity provides a significant double benefit. Cash that would otherwise have been used to pay down debt can now be focused on growing the business and our balance sheet now has positive working c...