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UPDATE: SilverSun Technologies Acquires Outstanding Minority Interest in SWK Technologies(March 19, 2012)
LIVINGSTON, NJ -- (Marketwire) -- 03/19/12 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT), which previously owned 80% of the Company's subsidiary, SWK Technologies, Inc., has acquired the remaining 20% of SWK. SWK Technologies is once again a wholly-owned subsidiary of SilverSun.
Mark Meller, CEO of SilverSun, stated, "2011 was a remarkable year for our Company. We set out to restructure the Company, and have been successful in that effort. We have eliminated all third party debt and reduced our total liabilities from over $6 million in January 2010 to less than $2.9 million today. Our sales increased by over 40% from previous years. We rationalized our cap structure so that our Company stock would represent an attractive investment to both potential investors and potential acquisition targets. We were able to secure senior debt financing in the form of a revolving line of credit from a commercial lender. The acquisition of the 20% of SWK which we did not own is but another step in our 'housekeeping' as we prepare to implement our aggressive growth plan during 2012."
Jeffrey D. Roth, CEO of SWK Technologies, who was previously a shareholder of SWK and is now a shareholder in SilverSun, commented, "This is a watershed event for our Company. With this transaction, four SWK managers are now significant shareholders of SilverSun, aligning our interests directly with that of all other SilverSun shareholders. I am very excited about the growth opportunities available to SilverSun, and am very pleased that SilverSun decided to enter into this transaction. "
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.silversuntech.com, www.swktech.com, www.mapadoc.com, or contact SilverSun Technologies CEO Mark Meller at (973) 758-6108, by e-mail at [email protected], 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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