Axios Mobile Assets Corp. (TSX VENTURE: AXA) announced on February 10, 2017 that as a result of its inability to raise additional financing that it is ceasing its logistics operations effective immediately and has laid off of the majority of its employees. The company will continue to retrieve its pallets that are in circulation but once retrieved it will cease new issuances of pallets to its customers. The company is in default of its obligations with its secured lenders and has been advised that it will be receiving demand notices in respect of such outstanding debt.
In conjunction with the issuance of this press release, the company has been advised by the TSX Venture Exchange that its shares will be transferred to the NEX board and its symbol, upon transfer, will change to AXA.H. It is anticipated that this transfer will take place at the start of trading on February 15, 2017.
At this time no officers or directors have resigned from the company (other than those previously disclosed). The officers and board members are reviewing alternatives available to the company and will provide further updates as information becomes available.
On Feb. 13, Axios announced that Marc Topacio has resigned as the Company’s Interim Chief Financial Officer. The company said it would be reviewing alternatives to replace Mr. Topoacio in light of the state of the Company’s current operations.
Source: Axios Mobile Assets Corp