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Axiologix Signs Agreement to Acquire Controlling Interest in iTeknik Holding Corporation; Will Double Annual Revenues to Over $22 Million Upon Completion
Axiologix Signs Agreement to Acquire Controlling Interest in iTeknik Holding Corporation; Will Double Annual Revenues to Over $22 Million Upon Completion.
About this update from Axiologix Inc
[{"type":"text","content":"\n\n\n\nAxiologix Signs Agreement to Acquire Controlling Interest in iTeknik Holding Corporation; Will Double Annual Revenues to Over $22 Million Upon Completion\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\nAxiologix Signs Agreement to Acquire Controlling Interest in iTeknik Holding Corporation; Will Double Annual Revenues to Over $22 Million Upon Completion\nPR Newswire\nATLANTA, April 17, 2014\n\n\n\nATLANTA, April 17, 2014 /PRNewswire/ -- Axiologix, Inc. (OTC Pinks: AXLX) announced today that it has executed definitive agreements to acquire a controlling interest in iTeknik Holding Corporation, located in Commerce, Michigan, USA, that will bring nearly $11 million in additional annual revenues to Axiologix.\n\nOn closing, Axiologix will acquire a 55.6% controlling interest in iTeknik Holding Corporation with a cash payment of $975,000 U.S. Dollars and deferred payments of $800,000 over 18 months to be paid to the current majority shareholders. On closing, iTeknik Holding Corporation and its operating companies will become subsidiaries of Axiologix, Inc. that will then consolidate the iTeknik financial results with those of its other subsidiaries to create a profitable company with over $22 million in annual revenues. \n\nThe transaction is expected to close within 60 days. Full details of the transaction can be found in the Axiologix's Supplemental Report filed at: http://www.otcmarkets.com/stock/AXLX/filings.\n\nVincent Browne, Axiologix Inc.'s CEO, said, \"This acquisition is completely complementary to our recent acquisition of iWorld Services, Inc. With the proprietary technologies of both companies, their shared platforms and channel relationships this will accelerate our ability grow organically as well as to launch new high value, high margin products addressing key needs of current and future customers.\" \n\nFredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, \"We are very pleased to have found an organization that can help iTeknik and Send Global grow.  Axiologix has a very strong global strategy that has the potential of...