SilverSun Technologies Announces SWK Technologies' Intent to Acquire VICOR Business Services, a Business Solutions Company Sp...
June 13 2013 - 8:30AM
Marketwired
SilverSun Technologies, Inc. (OTCBB: SSNT)
(OTCQB: SSNT), a national provider of transformational business
technology solutions and services, today announced that
SWK Technologies, Inc., the Company's principal
operating subsidiary, has signed a Letter of Intent to acquire
VICOR Business Services, Inc., a Bethesda,
Maryland-based provider of financial and business management
consulting services with specific expertise in compliance-oriented
federal contracting with U.S. government agencies. In addition,
their expertise in project management and time-based systems
supporting FAR and CAS compliance for commercial firms and OMB
Circular compliance for grants management will add a significant
expertise to SWK's capabilities. VICOR's staff has assisted clients
in passing Federal Contracting audits with DCAA and other audit
agencies, helping them to obtain approval to perform on Federal
Contracts.
Founded in 1989, VICOR offers a full line of Sage, Infor,
Dynacom and its own proprietary business management solutions to
small- and mid-sized businesses. With over $1.2 million in sales in
2012, the Company also provides a broad range of technical
services, training and support to its customers, which are largely
concentrated in the greater Washington, D.C. market.
"This potential acquisition will further strengthen SWK's
national presence and materially enhance the Company's depth of
specialized expertise in key niche sectors of the business
management solutions marketplace," stated Mark Meller, Chairman and
CEO of SilverSun.
Jeffrey D. Roth, Chief Executive Officer of SWK, added, "The
acquisition of VICOR will help to fulfill three key growth
objectives for our Company: geographic expansion of SWK into the
nation's capital region; expansion of our proprietary product and
service offerings; and the addition of highly specialized
consultative expertise and experience in ensuring compliance with
complex procurement rules and regulations for those clients
conducting business with the Federal government. We look forward to
quickly advancing our due diligence process so that we can conclude
the transaction and welcome VICOR's top notch people to SWK's team
of professionals."
Subject to further due diligence and certain closing conditions,
a definitive agreement is expected to be signed and the transaction
completed on or before July 31, 2013. Detailed terms and conditions
of the proposed transaction were not disclosed.
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, www.mapadoc.com
and www.beerrunsoftware.com.
Forward-Looking Statements 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.
FOR MORE INFORMATION, PLEASE CONTACT: HANOVER|ELITE Kathy
Addison 407-585-1080 or via email at Email Contact
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