SOURCE: Axios Mobile Assets Corp.

August 20, 2010 15:03 ET

Axios Mobile Assets Corp. Corporate Update

TORONTO--(Marketwire - August 20, 2010) -  AXIOS MOBILE ASSETS CORP. provides a corporate update.

Axios announces the completion of our initial capital raise as Axios. We have accepted subscriptions totaling $1,530,876 to support the business of Axios in 2010. These funds enable us to pay for required tooling and engineering, certifications, marketing, production of production-intent pallets for test sales, and for our corporate overheads. Tooling production for our completed rackable pallet is presently underway.

We also announce that Jon Gill has been appointed Chairman of our board of directors. Mr. Gill has extensive experience in both Capital Markets and Early Stage Revenue companies. He has served as CEO (Super Electric Corporation) and Managing Director (Sega Entertainment Canada), two large Consumer Products companies. Having spent 10 years of his career in the Investment Business and held operational roles in Eastern Europe and Asia, he brings a unique combination of skills and resources to our Board. Currently Jon is engaged in the operational restructuring and funding of a Sustainable Technology company in New York. He currently serves on several Public, Private and Charity Boards. Axios also announces that A. George Dragone, former president of the company, prior to the acquisition of our Axios Mobile Assets business on March 17, 2010, and an outside director of the company after March 17, 2010, has now resigned as a director of the company to pursue his other activities. We thank George for his contributions to the Axios board as we transitioned, and wish him success.

We also announce that our board of directors has reviewed our stock option plan and has authorized grants of options under our stock option plan to recognize the value of our technical, administrative, and sales teams and of aligning their interests with shareholders, and to recognize responsibilities undertaken by our outside directors. We now have a total of 5,774,668 options issued and outstanding (an increase of 964,001 from spring 2010). Each option entitles the holder to purchase 1 common share for $0.20. 4,724,668 options expire March 17, 2015, and 1,050,000 options expire August 10, 2015.

No exchange or regulating authority has approved or disapproved the contents of this press release.

AXIOS MOBILE ASSETS CORP. has 67,379,431 outstanding common shares.

Contact Information

  • FOR FURTHER INFORMATION CONTACT:

    AXIOS MOBILE ASSETS CORP.
    Richard MacDonald
    President and CEO
    (416) 800-6669