SARASOTA, Fla., Sept. 16, 2013 /PRNewswire/ -- Axiologix, Inc. (www.axiologix.net) (AXLX), an International Technology and Services Organization focused on delivering 'Cloud' Products and Services, today announced that it has recently filed unaudited results for the twelve months ended May 31, 2013, via the OTC Markets Disclosure & News Service.
Key results of the unaudited results were:
- Revenues of $901,673 for the year ended May 2013 versus $187,139 revenues for the previous year.
- Gross margins remained at 95% for the current year, same as the previous year.
- EBITDA for the current year was a loss of $580,116 versus a loss of $53,767 in 2012.
- Net loss for the year ending May 31, 2013 was $1,035,157, down slightly from $1,047,607 from the previous year.
- Cash used in operations for the twelve months to May 31, 2013 was $88,455, versus cash generated from operations for the twelve months to May 31, 2012 of $61,166.
- Cash decreased by $12,605 for the twelve months ended May 31, 2013.
- Total assets increased by 56% while working capital deficit reduced by 77% and total debt reduced by 8% during the twelve months ending May 2013.
Full details of the Company's Annual Report are accessible at http://www.otcmarkets.com/stock/AXLX/filings
Vincent Browne, Chairman and Chief Executive of Axiologix Inc. said, "Our results for the financial year ended May 31, 2013 show solid progress in key areas of revenue growth, cash management and balance sheet development. Whereas the revenues were less than we forecasted for the full year they still came it at nearly five times the previous year, primarily due to the effect of reporting a full year from our Irish operations. We will continue to manage the resources we have wisely while we seek to grow the business both organically and by acquisition. We continue to progress our previously announced acquisitions and expect to have an update on the status of these initiatives later this month."
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About Axiologix, Inc.
Axiologix, Inc. 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. Axiologix is headquartered in Florida, with international operations in Dublin, Ireland. Additional information may be found at www.axiologix.net.
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.
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