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SilverSun Technologies Repays Outstanding Short Term Bridge LoansCompany Secures Working Capital Facility From Commercial Bank (November 01, 2011)
LIVINGSTON, NJ -- (Marketwire) -- 11/01/11 -- SilverSun Technologies, Inc. (the "Company") (OTCQB: SSNTA), the total solutions provider specializing in business software for the small and medium-sized business market, today announced that the Company has repaid, in full, two loans made by accredited investors in April 2011, in the aggregate amount of $550,000.The $550,000 was used to extinguish all of the Company's obligations under the previously outstanding convertible debentures held by YA Global. No further obligations are owed to either YA Global or to the accredited investors.
The funds were provided by a $750,000 loan facility provided to the Company by a commercial bank. The loan is a 36 month facility, secured by the assets of the Company and its subsidiary, SWK Technologies and was personally guaranteed by the Company's CEO, Mark Meller.
Mr. Meller stated, "2011 has been a transformative year for our Company. Our sales have increased and our liabilities have been significantly reduced (by over $3,000,000). I agreed to personally guarantee the bank loan because of my firm belief in the continued growth and success of the Company and our talented and capable management team."
Jeffrey D. Roth, CEO of SWK Technologies, commented, "The restructuring of our Company is now largely completed, and we can now concentrate on our aggressive expansion plans, including the partnering with other Sage business partners and the development and acquisition of proprietary products and new revenue streams. With our positive operating cash flow, we will continue to invest in developing additional cloud-based solutions, like our recently introduced SaaS offering, BeerRun, which targets craft breweries in the United States and Europe. We are excited about the future and look forward to creating more streams of recurring revenue for SWK."
About SilverSun Technologies, Inc.
SilverSun Technologies is involved in the acquisition and build-out of technology and software companies. The Company's growth strategy is to acquire firms in this extensive and expanding, but highly fragmented segment, as it seeks to create substantial value for shareholders. Since June 2004, SilverSun has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc. For more information, visit www.treyresources.com, www.swktech.com, www.mapadoc.com, or contact SilverSunTechnologies CEO Mark Meller at (973) 758-9555, by e-mail at email@example.com, or by Twitter at Mark_SSNT.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to SilverSun Technologies, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
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