AXIOLOGIX INC (OTCMKTS:AXLX) working in the fast developing Mobile Payments and International Remittance industry, said that it completed definitive deal to purchase certain assets of IMM, based in Irvine CA. The announcement was made in February 2014. The deal transaction is dependent on certain closing conditions. It includes the company securing new mode of investment of at least $500,000 in financing in order to close this transaction. The interested enteritis has committed the required financing and Axiologix will move forward to conclude the acquisition as well as funding transactions.
IMM commercializes a prepaid debit card issued in the U.S. that is uniquely associated with a definitely self-governed0 foreign bank debit card. The card allows funds to be transferred to the foreign nation through a “person-to-person” conveyance. The new innovative financial service allows working immigrants to transfer money faster, better and far more affordable compared to currently available alternatives. It also offers the ability to pay insurance premiums or bills due in the home country of origin. The holders can even withdraw funds in the U.S. or anywhere else using their IMMCard.
Axiologix and IMM have been performing required due diligence since the finalization of a letter-of-intent in last July resulting in the asset purchase deal. The existing IMM management team will be retained with the combined entity on completion to support business expansion.
The management view
Vincent Browne, the Chief Executive of Axiologix said that the company is delighted to have achieved this milestone in the entire process. The purchase of IMM will speed up the company’s focus on money transfer services. It very much compliments to the company’s current Genie Cash offerings. The new deal will bring essential remittance management expertise to the Company. It is an exciting market and the management looks forward to complete the deal as soon as possible.