Date: Aug 13, 2014 Source: Yahoo Finance (
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SCOTTSDALE, AZ , United States / ACCESSWIRE / Aug 13, 2014 / Axxess Unlimited, Inc. (AXXU), a company focused on alcohol and drug governance, today announced that it has entered into a Letter of Intent to acquire the assets and the revenues of a national leader providing federal and state-specific drug-testing policies and procedures for all 50 states, thereby assisting customers with compliance.
Maintaining compliance and remaining current with respect to specific legal requirements for drug and alcohol testing policies can reduce risk, liabilities and costs within an organization. The firm's services can also assist in defeating or reducing workers' compensation claims that involve intoxication, prevent wrongful termination lawsuits and assist in decreasing a company's Worker's Compensation fees.
These products are sold through an annual subscription service ranging from $5,000 to $150,000, annually. Their customers include Fortune 500 companies in a wide range of industries. 23.8 million companies with a need to gain compliance comprise an industry in excess of $100 billion.
This industry-leading compliance platform includes a marijuana compliance subscription service for employers that encompasses state and federal laws, statutes and regulations covering the marijuana sector. The service is $399 annually as it deals solely with marijuana topics and is the most comprehensive service of its kind.
"This acquisition is a once-in-a-lifetime opportunity for Axxess to acquire an established, revenue generating, rapidly growing business in a fast accelerating market segment. A relationship with a national leader in drug and alcohol compliance is a dynamic addition to our business and will strongly impact our growth," commented Michael Roth, Chairman and Chief Executive Officer.
Terms of the contract have not been disclosed. Subject to negotiation of definitive agreements and the necessary corporate approvals of both companies, the transaction is expected to close on or before August 31, 2014.
Forward-Looking Statement
This press release may contain forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause actual performance to be materially different from what is projected. Investors are cautioned that forward-looking statements involve risks and uncertainties, which include among others, the risk that third-party information is not accurate, as the Company undertakes no obligation to independently verify such information, the risk that anticipated transactions will not materialize as the parties to the transactions are currently under no legal obligation to proceed, the risk that legal and regulatory developments will not occur as anticipated, and the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks described in the Company's periodic public disclosures filed with OTC Market Groups, Inc. and available online at http://www.otcmarkets.com/.
