Daily News: September 20, 2013

Axiologix Signs Revolver with TCA Global Credit Master Fund

Axiologix announced that on September 12, 2013, it and all of its wholly owned subsidiaries closed a senior secured revolving credit facility of up to $5 million with TCA Global Credit Master Fund to provide operating capital and fund acquisitions.

An initial draw of $250,000, less transaction expenses and necessary debt reduction payments, netted $157,000 for use in existing operations. The company intends to use the remaining facility primarily to fund revenue and profit accretive acquisitions. Additional draws under the facility are available on an as-needed basis, based on a mutually approved formula of eligible receivables and assets, subject to continuing compliance with the terms of the revolving credit facility.

Also, as a condition of the facility, the company agreed to register its shares of common stock with the Securities and Exchange Commission (SEC), through the filing of a SEC Form 10, within three months of the closing.

Vincent Browne, chairman and chief executive of Axiologix, said, “This is another significant event in our development and growth plans. This facility with TCA forms a key pillar in our funding capability and, with another strong funding partner behind us, demonstrates to customers, partners and targeted acquisitions collectively that we are in a position to execute. Whereas, this facility may not be suitable for all acquisitions, the confidence that such proof of funds provides and our ability to move quickly on transactions should make us more attractive to potential sellers and provide an advantage in competitive negotiations. We look forward to building a strong relationship with TCA over the coming months and years.”

Axiologix is an international technology and services organization focused on delivering cloud-based products and services to small and medium sized businesses primarily in the United States and to operators globally.