Axiologix Set to Report Full Year Revenues of $6.1 Million for Fiscal Year Ending May 31, 2014 - Up 720% From the Previous Year
PR Newswire
ATLANTA, June 17, 2014
ATLANTA , June 17, 2014 /PRNewswire/ -- Axiologix, Inc. ( www.axiologix.net ) (OTC Pinks: AXLX), an International Technology and Services Organization focused on delivering 'Cloud' Products and Services, today provides guidance on full year revenues.
Axiologix is set to report Full Year revenues of $6.1 million for the twelve months ending May 31, 2014 , an increase of 720% from the prior year ended May 31, 2013 . The main reason for the increased revenues during the year was an additional $5.5 million reported for the five months following the acquisition of iWorld Services in November 2013 . Full calendar year revenues for iWorld Services for 2013 were over $13 million .
Revenue for fiscal Q4 ending May 31, 2014 was up 1,300% year-on-year.
The Company is currently completing a Form-10 with the U.S. Securities and Exchange Commission ("SEC") that will return the company to full reporting status. The filing is expected to be completed by the end of June, 2014 and will include audited financials statements for May 31, 2013 and 2012 respectively and a review of the period to February 28, 2014 . Full year results will be filed with the SEC within standard reporting timelines once the Form-10 is deemed effective.
Vincent Browne , Chairman and Chief Executive of Axiologix, Inc. said , "We are clearly very pleased with the revenue growth following the successful completion of the iWorld acquisition. We are currently working diligently to complete the longer than originally expected Form-10 process, but are now on the final stretch with it. We are also presently working to close our previously announced iTeknik acquisition, which we anticipate will add a further $10m per year in revenues as well as provide profitable operations from higher margin services. It will also allow us to introduce exciting new higher margin services across the group that will continue to build a sustainable business in the medium to long term".
About Axiologix, Inc.
Axiologix, Inc. (OTC Pinks: AXLX) based in Atlanta, Georgia USA is a public holding company, whose subsidiaries operate in the rapidly growing International Cloud Communications (VOIP) and high margin Mobile Payments/International Remittances markets. The Company's global products utilize proprietary technologies and sales channels to serve consumer and enterprise markets in the U.S. as well as high growth emerging regions of North Africa and the Middle East . The Company's management builds shareholder value through both organic growth in its focused marketing channels as well as scaling through targeted "roll up" acquisitions in consolidating industries. These subsidiaries benefit from access to financial markets for operational and growth capital and the Company's experienced management team provides operational support to streamline expenses, which creates a sustained competitive advantage while building a market leader. For more information please visit our websites at www.axiologix.net , www.axiocomm.net , www.primecarrier.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 Securities and Exchange Commission and 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.
