AXIOLOGIX INC (OTCMKTS:AXLX) was a massive decliner in the overnight trading session. The stock plunged by close to 44% on the back of 8 times the average daily volumes indicative of the strong selling momentum. The stock currently trades below all important daily moving averages. The momentum indicators for the stock have given a sell signal indicative of the shift of momentum towards the sell side. The relative strength index for the stock has given a sell signal, which is a cause for concern for traders. Traders believe the stock could head to levels of $0.12 in the near term.
AXIOLOGIX INC (OTCMKTS:AXLX) signed a definitive agreement to acquire a few assets of International Money Management Inc so that it could build up money transfer portfolio. AXIOLOGIX is one of the leading names in International Remittance and mobile payment space.
The Irvine CA-based International Money Management Inc. can prove to be a major asset for any company trying to make a mark in money transfer field. The transaction was subjected to a few condition, including AXIOLOGIX getting a total funding of $500,000.
Insights of Acquisition
It’s one of the best decisions made by AXIOLOGIX to build up its portfolio in money transfer vertical. All the parties interested in offering required funds to AXIOLOGIX gave their approval right away, which helped the company finish the transaction within a matter of three-four months from the day of the announcement.
IMM is mainly known for marketing a U.S. issued prepaid debit card; that’s affiliated with a foreign debit card, which makes it easy to transfer money to a foreign country without any hassle. There are many people who belong to a foreign country, but work in U.S. With this card, they cannot only transfer the money from one country to another country in a hassle-free way, but also save a significant amount of time and penalty charges.
People having IMM cards can pay their home country utility bills right from U.S. without any interruption. They can also use this card in other overseas locations and make financial transactions.
Both AXIOLOGIX and Money Management Inc. have been conducting different due diligence procedures for a very long period to ensure that everything falls in line. The definitive agreement has been signed after getting good results in due diligence procedure. The agreement didn’t affect the Money Management Inc. management composition as no change was introduced after the execution.
Both of them will keep all the investors updated about any further update in this direction.