Axiologix, Inc. (OTCPK:AXLX) entered into a stock purchase agreement to acquire 36.02% stake in iTeknik Holding Corporation (OTCPK:ITKH) from Fredrick W. Wicks, Jeffrey Lauzon and other shareholders for $1.8 million in cash on April 8, 2014. Under the terms of the agreement, Axiologix shall purchase stock of ITKH, consisting of 100 million shares of common stock, 1.2 billion shares of Series A Preferred Stock and 2 shares of Series C Preferred Stock, representing a 55.6% beneficial ownership of ITKH. Of the total purchase price, $0.97 million in cash will be paid at closing and $0.5 million shall be paid at the twelve month anniversary of the closing date pursuant to a promissory note accruing 6% interest payable quarterly after six months from the closing date and the remaining $0.3 million shall be paid at the eighteenth month anniversary of the closing date pursuant to a second promissory note accruing 6% interest payable quarterly after six months from the closing date.

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.