DirectView Proceeds with Next Phase of Acquisition DirectView Works Diligently On The Next Stages Of The Proposed
January 16 2019 - 2:05PM
InvestorsHub NewsWire
DirectView Proceeds with Next Phase of
Acquisition
DirectView Works Diligently On The Next
Stages Of The Proposed
Acquisition.
NEW YORK,
NY -- January 16, 2019 -- InvestorsHub NewsWire
-- DirectView Holdings, Inc.
(DIRV)
("DirectView" or the "Company"), a company focused on ownership and
management of leading video and security technology companies,
today announced that management is working
diligently on the next stages of the previously announced letter of
intent (LOI) to acquire 100% of the business assets
of a nationwide,
New York based, security, surveillance and low voltage supply
company. The
proposed acquisition is still on schedule and management
anticipates closing within the first quarter of 2019.
The acquisition
target is a well-established and profitable company, with 2018
unaudited revenues reported in excess of
$45 million.
The targeted company is anticipated to be the third
active
wholly-owned
subsidiary added to the DirectView Holdings portfolio, joining the
ranks of DirectView Security Systems,
Inc., Virtual Surveillance and
ApexCCTV.
Once added to the
portfolio, there are exciting opportunities
for DirectView's
subsidiaries to work
together, develop their
products, and exploit operational
synergies. DirectView management believes
the addition of the targeted company will result in greater buying
power, reduced expenses (such as cost of goods
sold), grow staff and productivity,
and increase revenues and profit.
The
targeted
company has provided extensive financial documents
required
and DirectView's
CFO, Chris Cutchens, is hard at work, leading the
review of
the company's financials and related documents provided.
Roger Ralston, CEO
and Chairman of DirectView, stated "This is a very exciting time
for DirectView shareholders, and we wanted to take
this
opportunity
to provide
an update
of
the progress
we are
making towards the closing of the
acquisition. In
December, we announced the letter of intent
and we
still anticipate
the transaction to be completed within the first quarter of
2019. This
next acquisition has the potential to increase our sales by tens of
millions of dollars and put us at over $50 million dollars in
annual revenue. Suffice it to say that we are working as diligently as
possible, focusing our on the next steps of this
transaction.
Chris Cutchens, our CFO, is laser focused on
reviewing the company's financials and related documents and I am
directing the drafting of the definitive documents
required for the transaction. A transaction of this
magnitude takes time, and we
grateful for your
patience as we take DirectView to the next level
and
beyond. We also look forward to
announcing additional roll up opportunity announcements as details
become available."
About
DirectView Holdings, Inc.
DirectView Holdings,
Inc., together with its subsidiaries, provides video surveillance
solutions and teleconferencing products and services to businesses
and organizations. The company operates in two divisions, Security
(Video Surveillance) and Video Conferencing. The Security division
offers technologies in surveillance systems providing onsite and
remote video and audio surveillance, digital video recording, and
services. It also sells and installs surveillance systems; and
sells maintenance agreements. The company sells its products and
services in the United States and internationally through direct
sales force, referrals, and its Websites. The Video Conferencing
division offers teleconferencing products and services that enable
clients to conduct remote meetings by linking participants in
geographically dispersed locations. It is involved in the sale of
conferencing services based upon usage, the sale and installation
of video equipment, and the sale of maintenance agreements. This
division primarily provides conferencing products and services to
numerous organizations ranging from law firms, banks, high tech
companies and government organizations. For more information visit
our website at www.DirectView.com and connect with us on Twitter,
LinkedIn, Facebook, and Google+.
Contact:
DirectView Holdings,
Inc.
Roger
Ralston
+1-212-858-9100
EXT. 111
www.DirectView.com
IR@DirectView.com
Cautionary
Statement Regarding Forward Looking Statements
Forward Looking
Statements: This press release contains forward-looking statements
that involve a number of risks and uncertainties, including
statements regarding the outlook of the Company's business and
results of operations. By nature, these risks and uncertainties
could cause actual results to differ materially from those
indicated. Generally speaking, any statements using terms such as
"will," "expect," "anticipate," or "may," or which otherwise
predict or address future results or events, are likely to contain
forward-looking statements. It is important to note that actual
results may differ materially from what is indicated in any
forward-looking statement. Readers should consider any
forward-looking statements in light of factors that could cause
actual results to vary. These factors are described in our filings
with the SEC, and readers should refer to those filings, including
Risk Factors described in those filings, in connection with any
forward-looking statements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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