From the Wires
SilverSun Technologies and Information Systems Management, Inc. Suspend Letter of Intent
Nov. 26, 2012 05:42 PM
LIVINGSTON, NJ -- (Marketwire) -- 11/26/12 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT) today announced that its wholly owned subsidiary, SWK Technologies, Inc., a preferred source for best-of-breed business management applications and professional consulting services, and Information Systems Management, Inc. (ISM), have mutually agreed to suspend the previously announced letter of intent executed by the companies on October 1, 2012.
Mark Meller, Chairman and Chief Executive Officer of SilverSun, stated, "Simply put, there were too many hurdles to overcome in order to make our targeted closing date of January 1, 2013. Organization charts, tax issues, and rationalization of overhead expenses were just some of the myriad of issues that needed to be addressed. Rather than race to the finish line in chaotic fashion to try to make an artificial deadline, we have agreed with ISM to suspend our negotiations for now. We will revisit the transaction after the new year when we can address these issues in a more comfortable fashion."
Jeffrey D. Roth, CEO of SWK, added, "The negotiation process has only heightened our admiration and respect for the entire team at ISM. It is clear that SWK and ISM share the same core values; we are confident that once we are merged together, we can fully optimize our combined strengths and become a dominant force in the market. We look forward to restarting the process in 2013."
About SilverSun Technologies, Inc.
Headquartered in Livingston, New Jersey, SilverSun Technologies is involved in the acquisition and build-out of technology and software companies engaged in providing best of breed management applications and professional consulting services to small and medium size businesses (SMBs) in the manufacturing, distribution and service industries. Serving as SilverSun's principal operating subsidiary, SWK Technologies, Inc. employs national direct and channel sales teams, and a consulting team, all of which serve a growing customer base spanning the United States and Canada. For more information, please visit www.silversuntech.com, www.swktech.com or www.mapadoc.com.
This press release may contain forward-looking statements, including information about management's view of SilverSun Technologies' future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SilverSun Technologies, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on SilverSun Technologies' future results. The forward-looking statements included in this press release are made only as of the date hereof. SilverSun Technologies cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SilverSun Technologies undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by SilverSun Technologies.
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