|The deal was for .10/share, so I'm assuming 21.5 million shares at .10 which would give MSJJ controlling interest in the company. |
Axium Technologies, Inc. Closes Equity Investment With MSJJ Holdings, LP.
Monday November 3, 8:00 am ET
IRWINDALE, CA--(MARKET WIRE)--Nov 3, 2008 -- Axium Technologies, Inc. (Other OTC:AXGI.PK - News) is pleased to announce that it has completed an investment transaction with MSJJ Holdings LP, an investment company based in Kansas City on October 30th, 2008.
MSJJ invested $2.15 million in equity and has committed up to another $2.5 million, if necessary, which would be structured as royalty on revenue to avoid additional equity dilution. MSJJ was already the Company's largest investor and by closing this transaction, MSJJ gains controlling interest in Axium Technologies. MSJJ has successfully built a number of companies and has investments in the computer gaming, video production, wellness, leisure, restaurant, manufacturing, distribution and land development industries. As a result of this transaction, changes are anticipated in the board of directors; however, there are no major changes expected in the management or development teams.
Mr. Won Soo Chung, the CEO of Axium Technologies, said, "We are very pleased to have closed this transaction with a true financial partner like MSJJ Holdings LP., particularly considering the current turnmoil in the financial markets. The lack of adequate capital has been the most serious impediment to Axium's progress and we expect to accelerate the deployment of our Maximum software now that the Company is properly capitalized. We are now very confident that our growth shall be expedited drastically in the year 2009."
ABOUT AXIUM TECHNOLOGIES, INC.
Axium Technologies, Inc. www.axiumtech.net is a leading provider of wide area network surveillance security systems-both software and hardware. The Company headquarters are in Irwindale, CA and its Research and Development Facility in South Korea.
Axium's primary products include MAXIMUM Surveillance Software. This product is the key software solution of Axium. It providing interoperability for numerous digitalized security and surveillance products from diverse manufacturers.
The Company's Digital Video Recorders (DVRs) and Network Video Products (NVPs) are targeted at the security and surveillance segments of the gaming industry. The Company's newest product "Tagger Trap(TM)" is a state of the art graffiti detection product. Tagger Trap(TM) detects, records and notifies local police of graffiti activity. The estimated cost of graffiti clean-up in North America is $1.0 billion annually and millions of dollars have been budgeted over the past year by large metro police departments to detect and apprehend graffiti taggers. A number of California cities operate the Tagger Trap(TM) system. The Tagger Trap(TM) system has led to the arrest of numerous taggers as well as reduction in new graffiti in areas where the system is known to exist.