Today before the opening bell, Axiologix Education Corp. announced that it has signed a letter of intent with Edumedia Software Solutions Corp. to acquire all the intellectual property of the E*pad software application.
E*pad, an innovative, web based, electronic portfolio, and authentic assessment development application designed for students and educators, provides a research-based approach to structuring the collection, interpretation, and assessment of evidence about student learning. Although Axiologix is already the exclusive worldwide reseller of E*pad, the completion of this acquisition will eliminate the need to pay a margin for the resale of this product as the company will then own the product and all rights.
“We are pleased to acquire the intellectual property of E*pad. This transaction represents a significant step for Axiologix and is a key platform for our growth strategy going forward which, among other things, is to acquire software applications and intellectual properties. We expect that this key acquisition will position the Company to grow our sales and bottom line,” stated John Daglis, CEO of Axiologix Education Corporation.
In exchange for the intellectual property, Axiologix will issue 10 million shares of its common stock to Edumedia and will pay to Edumedia $120,000.00 in cash on or before the first anniversary of the closing of the acquisition. Although the acquisition is still subject to several closing conditions, the transaction is currently expected to close before the end of this month.