LX Ventures: Wholly-Owned Subsidiary Begins Generating Revenues
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") andFodio Technologies Inc. ("Fodio"), a wholly-owned subsidiary of LXV, are pleased to announce that Fodio has begun commercializing its business and has signed 10 customer agreements in its first 3 months of operations with each valued at up to $5,000 per month of recurring revenues.
This quick adoption by companies of the Fodio back office and cloud accounting solution marks an important milestone in developing Fodio's vision as the leading provider of financial alert and recommendation services for the small to medium enterprise owner.
"We are very excited that the market is rapidly adopting the Fodio solution. Unlike standard business intelligence providers, Fodio's technology monitors the financial status of our client companies in real time and alerts owners when action is required by email or mobile app alert. Fodio then recommends the best course of action to resolve the alert, which we believe to be truly valuable and unique technology," said Mike Edwards, CEO of LX Ventures.
Gary Boddington, CEO of Fodio, said, "It has been an exciting start for Fodio. We are providing valuable bookkeeping and accounting services to a growing stable of clients already, and also helping these clients make financial adjustments and run their business in real time."
About LX Ventures
LX Ventures is a publicly traded incubator that launches, integrates, and acquires early stage high growth technology companies. We are a group of entrepreneurs dedicated to developing the next generation of entrepreneurs by providing funding, resources, mentorship, and access to our global network. We are in the business of building businesses. Our approach is twofold: we either partner with existing companies to assist with distribution and scaling or we internally innovate from idea generation through to launch and exit. For further information about LX Ventures, its technology, collaborations and partnerships, please visit www.lxventures.com.
About Fodio Technologies, Inc.
Fodio is the leading provider of financial alert and recommendation services for the small enterprise owner. Unlike standard business intelligence providers, Fodio's technology monitors the financial status of your company in real time and alerts you when action is required by email or mobile app alert. Fodio then recommends the best course of action to resolve the alert. We take the financial burden and worry off of your shoulders so you can focus on what you do best - building your business. Fodio is your outsourced CFO. The company is headquartered in Vancouver, British Columbia. To learn more, please visit www.fodio.com.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
LX Ventures Inc.