Axiologix, Inc. cancelled the acquisition of 36.02% stake in iTeknik Holding Corporation from Fredrick W. Wicks, Jeffrey Lauzon and other shareholders.
On the Closing, Vincent Browne shall become ITKH's President, Chief Executive Officer, Chairman and Corporate Secretary. An employment agreement for an initial term of one year will be entered into with Jeffrey Lauzon whereby Lauzon will continue to serve as the General Manager of ITKH and be compensated at an annual rate of $0.15 million. The transaction is subject to certain closing conditions, including, among other customary closing conditions, Axiologix's transfer of $0.97 million cash payment. The transaction is expected to close no later than June 7, 2014.
Axiologix, Inc. (OTCPK:AXLX) cancelled the acquisition of 36.02% stake in iTeknik Holding Corporation (OTCPK:ITKH) from Fredrick W. Wicks, Jeffrey Lauzon and other shareholders on June 7, 2014. Axiologix Inc. did not complete the requirements of the Stock Purchase Agreement that would have resulted in a majority of iTeknik's outstanding stock being acquired by Axiologix, Inc.