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UPDATE: SilverSun Technologies Eliminates Additional $1.3 Million of DebtTotal Debt Reduction in Last 90 Days Exceeds $3.5 Million (March 19, 2012)
LIVINGSTON, NJ -- (Marketwire) -- 03/19/12 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT) announced today that it has eliminated an additional $1,338,960 of debt from its balance sheet. The debt, which has been forgiven, was due and owing the Company's Chief Executive Officer, Mark Meller. This debt reduction follows the redemption and elimination of the Company's convertible debentures and associated liabilities, which were retired this past April. The total amount of debt and liabilities removed from the Company's balance sheet since April 1, 2011 now exceeds $3,567,000.
Mark Meller, CEO of SilverSun Technologies, stated, "As a significant shareholder in our Company, I agreed to forgive this debt because I believe that such a step will enhance the value of the holdings of all shareholders, myself included. I am confident in our ability to successfully implement our aggressive growth and acquisition plan. This debt reduction increases the likelihood that we will be able to utilize our stock in the future to make acquisitions. Furthermore, such a move will also make it more likely that we will be able to up-list the Company's stock to another stock exchange sometime in the future, potentially creating greater liquidity for our shareholders while also broadening our base of institutional and retail investors."
Meller continued, "We are well positioned to become a dominant player in our market. We have accomplished much in the last 90 days, and will accomplish more in the coming weeks and months. We hope to be releasing additional information regarding further developments in the very near future. "
About SilverSun Technologies, Inc.
SilverSun Technologies, Inc. (formerly Trey Resources, Inc.) 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 SilverSun Technologies CEO Mark Meller at (973) 758-9555 or by e-mail at firstname.lastname@example.org.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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