Archive for the ‘SilverSun Technologies Inc. SSNT’ Category

SilverSun Technologies, Inc. (SSNT) Delivers on Promises and Continues to Grow

Monday, June 25th, 2012

As many investors and traders already know, a micro-cap company announcing a Letter of Intent (LOI) to acquire another company or enter some kind of partnership can often be meaningless. It’s not uncommon for these smaller companies to announce LOIs with no intentions of making the necessary preparations for a future, definitive agreement.

Why do they do this? Often because they don’t have much going on and must put out some kind of exciting news to keep existing investors from drawing out their funds, and to attract additional investment from new investors so they can continue paying management salaries they don’t deserve. It’s important investors are aware of this typical strategy to artificially stir up investor interest, and most importantly, take time to look over their history of press releases to see if they followed through with LOIs previously announced.

In March of this year, SilverSun Technologies announced the signing of an LOI to acquire the assets of HighTower, a leading Chicago-based reseller of Sage software applications and a publisher of proprietary business management software enhancements. Just last week, the company reported the finalization of the acquisition, which is expected to bring in approximately $3 million in additional annual revenues (based upon 2011 results), approximately 870 additional Sage ERP customers, an impressive suite of proprietary enhancement software solutions (with approximately 700 users), and a much deeper market penetration in the Midwest.

The company also announced this month the asset purchase of Micro-Point, a Westchester, New York-based managed service provider and reseller of Sage Software products. In addition to being a Sage reseller, Micro-Point has expertise as a hosting and computer services provider. The addition of their business is expected to contribute more than $600,000 in annualized revenue to SilverSun and be immediately accretive to the company’s earnings. This is the third acquisition SilverSun has made this year.

In a market full of empty promises, SilverSun stands out as a true gem. For more information on the company and its growth strategy, visit www.silversuntech.co

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SilverSun Technologies, Inc. (SSNT) Adds $3 Million in Annual Revenues and Expands Market Presence with Asset Purchase of Chicago-Based Hightower

Monday, June 18th, 2012

Just two weeks after announcing the asset acquisition of Micro-Point, SilverSun Technologies announced this morning that it has successfully completed the asset purchase of HighTower, Inc., a leading Chicago-based reseller of Sage software applications and a publisher of proprietary business management software enhancements. Hightower’s customers and business products and services will be integrated into the infrastructure of SWK Technologies, SilverSun’s principal operating subsidiary. In anticipation of this asset purchase, SWK has provided technical support and a variety of consulting services since late March to all Hightower clients and to the many Sage business partners who support their ERP enhancements.

“We are very pleased to have completed the purchase of Hightower,” stated Mark Meller, CEO of SilverSun Technologies. “Among other strategic benefits, this brings SilverSun and SWK approximately $3 million in additional annual revenues (based upon 2011 results), approximately 870 additional Sage ERP customers, an impressive suite of proprietary enhancement software solutions (with approximately 700 users) and a much deeper market penetration in the Midwest. Moreover, we look forward to leveraging Hightower’s established network of independent resellers to further expand distribution of SWK’s proprietary software solutions, and vice versa. This acquisition marks an important milestone for SilverSun, and one that should have notable impact on our revenue and earnings growth in 2012 and well beyond.”

Established in 1987, Hightower is a software industry leader that has supplied integrated technology systems and mid-market solutions for businesses across the country. In addition, it has been engaged in developing proprietary software, bringing to market a robust suite of enhancement products which effectively integrate with and complement Sage 100 ERP solutions. For the past seven years, Hightower has been ranked as a “Top 100 Value Added Reseller” by Accounting Today magazine; and for the last eight consecutive years, the publication has awarded the Company its Technology Pacesetter Award.

According to today’s press release, the cash-only acquisition of select Hightower assets was funded by SilverSun’s existing financing facilities on a non-dilutive basis to existing shareholders. Investors who wish to get more information on the transaction should refer to the 8-K filed by SilverSun with the U.S. Securities and Exchange Commission.

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SilverSun Technologies, Inc. (SSNT) Leans on Solid Growth-through-Acquisition Strategy; Aims for Five-Fold Sales Growth by 2014

Wednesday, June 13th, 2012

SilverSun’s business strategy centers on the acquisition and build-out of technology and software companies that offer best-of-breed business management applications and professional consulting services. The company focuses on small to medium-sized customers operating primarily in the manufacturing and distribution industries.

SilverSun’s acquisition portfolio consists of five companies that are consolidated under the SWK brand: SWK Technologies Inc.; Business Tech Solutions Group Inc.; Wolen Katz Associates; AMP-BEST Consulting Inc.; and IncorTech.

SilverSun is on the path to fatten this portfolio, and currently has its eye on several other accretive acquisition targets that meet the company’s defined M&A criteria. Additionally, SilverSun earlier this year signed a letter of intent to acquire HighTower Inc., a reseller of Sage business management software and owner of proprietary Sage ERP enhancement solutions.

Thus far, the company’s acquisition targets have been right on the money. SilverSun’s principal operating subsidiary, SWK Technologies, is the 15th largest reseller of Sage software solutions in the U.S. The subsidiary utilizes national sales and consulting teams to serve a current customer base reaching across 38 states and Canada.

SWK Technologies flexed its muscles in the second quarter of 2012 through strong marketing efforts to increase consulting services, network hardware sales, and service agreements. For full year 2011, SilverSun reported earnings per share of $0.58 on record revenues of approximately $10.5 million, an increase of 40% year-over-year compared to earnings per share of $0.13 on revenues of $7.4 million in 2010.

To maintain this momentum, the company will execute its growth-through-acquisition and product/service expansion strategy with the aim of accelerating its growth and achieving a five-fold increase in sales to more than $50 million within the next three years.

As of March 31, 2012, SunSilver had $99,952 in cash; $1.1 million in accounts receivable; zero long-term debt; and total stockholders’ deficit of $839,623.

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SilverSun Technologies, Inc. (SSNT) Finalizes Acquisition of Micro-Point Assets

Thursday, June 7th, 2012

Today before the opening bell, SilverSun Technologies announced that its wholly owned subsidiary, SWK Technologies, the premier total solutions provider specializing in business software solutions, has acquired select assets of Micro-Point, Inc., a Westchester, New York-based managed service provider and reseller of Sage Software products.

In addition to being a Sage reseller, Micro-Point provides hosting and computer services that are similar to and complementary to those currently being offered by the network services division of SilverSun. The deal is anticipated to add more than $600,000 in annualized revenue and be immediately accretive to the company’s earnings. The terms of the transaction were not disclosed, but more information on Micro-Point can be found at www.micro-point.com.

Mark Meller, CEO of SilverSun, stated, “While we are pleased to acquire the Sage customers of Micro-Point, the greater value to us in this transaction is that it allows us to greatly expand our hosted service offerings — an area of our business that we are intent on building into a major profit center for our Company. The acquisition of Micro-Point gives us immediate critical mass in this area, and paves the way for us to sell a more robust portfolio of network service offerings to our existing customer base of roughly 2000 small- and mid-sized businesses in operation across the country.”

“We are constantly looking to improve and expand our product and service offerings, particularly those that provide us with recurring revenue on a monthly basis,” Meller continued. “Given our management talent, in-house expertise and financial resources, we are confident that we will be able to rapidly increase sales and earnings from the addition of Micro-Point’s software hosting services. This acquisition marks the third we have completed in 2012.”

Jeffrey D. Roth, CEO of SWK Technologies, noted, “We continue to execute on our business plan to materially enhance value for SilverSun’s shareholders by increasing sales, fueling earnings growth and acquiring companies that introduce profitable new lines of business for our Company, thus further enhancing and strengthening our collective product and service offerings. It is an incredibly exciting period of growth for SilverSun and SWK and we look forward to the future with great optimism and expectations.”

For additional information, visit SilverSun’s website at www.SilverSunTech.co, and SWK’s website at www.SWKtech.com

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Silversun Technologies, Inc. (SSNT) Scheduled to Present at National Investment Banking Association’s (NIBA) 122nd Investment Conference

Tuesday, June 5th, 2012

SilverSun Technologies, a preferred source for best-of-breed business management applications and professional consulting services, announced less than an hour ago that the company will be presenting at the National Investment Banking Association’s (NIBA) 122nd Investment Conference to be held in New York City at the Le Parker Meridien Hotel this week.

NIBA is a national not-for-profit trade association of regional and independent brokerages, investment banking firms, institutional investors, and related capital market service providers. The association was founded, member firms have successfully completed over 1000 equity offerings totaling approximately $10 billion in new capital for America’s finest emerging growth companies. The member firms of NIBA represent over 8,000 registered representatives with an estimated $78 billion in assets under management, and are responsible for 90% of all Initial Public Offerings under $20 million.

NIBA conferences provide a venue for invited companies to share meaningful insight into their business operations, short and long-term growth strategies, and industry vision, and give its members the opportunity to exchange ideas and information, evaluate presentations made by public and private companies seeking capital or exposure, collectively voice their positions on issues impacting the securities industry, and enhance their knowledge and expertise through ongoing education programs designed to enable them to remain competitive in today’s financial market.

For additional information, visit SilverSun’s website at www.SilverSunTech.co, and SWK’s website at www.SWKtech.com

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SilverSun Technologies, Inc. (SSNT) Targets the Growing Small to Medium Sized Business Market

Thursday, May 31st, 2012

SilverSun Technologies is a full service information technology and software company. It’s a leader in marketing ERP and financial accounting solutions, with an extensive history helping small/medium sized businesses in a wide range of industries. The company, through its principal operating subsidiary, SWK Technologies, specializes in software integration and deployment, programming, training, and technical support, with the goal of improving the financial reporting and operational efficiencies of its clients.

The company is a value-added reseller of Sage Software’s ERP (Enterprise Resource Planning) software, including ERP X3, MAS90, and MAS200. SWK also publishes MAPADOC, a proprietary EDI (electronic data interchange) software. In addition, the company provides network services, such as 24/7 remote network monitoring, data back-up, and disaster recovery services for its clients.

SilverSun’s major differentiating factor is its wide range of value-added services, including programming, training, technical support, and other consulting and professional services. They are known for software customization, data migration, business consulting, and implementation assistance for complex design environments.

SilverSun’s growth strategy is to grow organically while acquiring firms in the extensive and expanding small and medium size business marketplace. Many ERP products are marketed through an extensive channel of resellers. SilverSun intends to use SWK as a platform to roll up and aggregate the best and brightest of these resellers into a single company under the SilverSun umbrella. SWK serves the greater New York Metro area, New Jersey, as well as upstate and western New York. SilverSun also plans to target for acquisition other software companies with proprietary products that serve the SMB marketplace.

For additional information, visit SilverSun’s website at www.SilverSunTech.co, and SWK’s website at www.SWKtech.com

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How SilverSun Technologies, Inc. (SSNT) Sets Itself Apart

Wednesday, May 23rd, 2012

As an outside investor, perhaps focused on nothing but short-term chart trends and last quarter’s earnings, it’s easy to overlook the fundamental qualities of a company and its managers that will determine its long-term performance. How many people appreciated the drive of Sam Walton or the potential in the small-town market that helped make Wal-Mart the biggest retailer in the world. If you don’t address the feelings of your customer, not just the needs, you’re handing a market to your competitor.

It’s that kind of intimate customer understanding that has driven revenue growth at SilverSun and its wholly-owned principal subsidiary, SWK Technologies, a growing IT application and consulting company that continues to elicit comments from its clients like the following:

– “More than helpful”
– “Everyone that I have ever dealt with at SWK has been fantastic!”
– “Professional and solves any problems that comes up”
– “Took time with each person in the department to go through highlighted areas that changed and/or that was new & improved”
– “The best upgrade we have ever gone through.”

It’s SWK’s team of CPAs, MBAs, and other professionals dedicated to implementing, consulting, training, and supporting Sage BusinessWorks 2011, Sage ERP X3, Sage MAS 500, Sage 500 ERP, Sage MAS 90, Sage MAS 200, and Sage 100 ERP, as well as other reporting and analytical tools for their customers, that makes clients keep coming back. It makes the company stand out from the lesser services that much of corporate America has reluctantly learned to accept.

As a Sage Software Authorized Business Partner, Sage Certified Gold Development Partner, Sage Certified X3 Partner, and Sage Authorized Training Center, the company argues that they offer the best-of-breed solutions for accounting and business management, financial reporting, ERP, CRM, job costing, EDI, and warehouse management, and can also provide open source programming on titles not incorporated into Sage.

For additional information, visit SilverSun’s website at www.SilverSunTech.co, and SWK’s website at www.SWKtech.com

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SilverSun Technologies, Inc. (SSNT) Reports Financial Results for First Quarter 2012

Thursday, May 17th, 2012

SilverSun Technologies, Inc., a premier total solutions provider specializing in business management applications and professional consulting services, today announced its first financial results for the three months ended March 31, 2012.

Net service revenues increased 35% to $2,549,885 from $1,886,446, offsetting the decline in software sales due largely to the closing of several major sales being pushed to the second quarter reporting period and beyond. Total revenues climbed 5% year-over-year to $2,908,859 from $2,761,445.

Notwithstanding a one-time, non-cash charge of $719,267 booked as share-based compensation expense related to previously described restructuring, SilverSun Technologies achieved income from operations on a non-GAAP basis of approximately $33,676, which compared to income from operations of $235,000 in the same period a year prior. On a GAAP reporting basis and after factoring in the one-time, non-cash expense item, loss from operations for the first quarter of 2012 totaled $685,591.

As of March 31, 2012, the company had $99,952 in cash; $1,164,352 in accounts receivable; zero long term debt; and total stockholders’ deficit of $839,623.

“We continue to be very pleased with the positive progress SilverSun is making in diversifying and expanding our principal operating subsidiary SWK Technologies’ revenue mix with proprietary software and service-oriented offerings,” Chairman, President, and CEO Mark Meller stated. “This successful strategy has helped to offset any material impact of several large Sage software sales, originally expected to close in the first quarter, being pushed or postponed into later reporting periods.”

Meller continued, “We continue to aggressively execute on our business plan. We acquired one reseller in January, and announced the signing of a letter of intent to acquire Hightower in March. We anticipate that transaction closing imminently. The Company continues to aggressively seek out acquisitions in the Small and Medium-Sized Business software marketplace, and we hope to be in a position to announce further acquisitions in the coming weeks and months.”

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SilverSun Technologies, Inc. (SSNT) and the Internal Turnaround

Friday, May 11th, 2012

When one thinks of company turnarounds, it’s normal to imagine outside investors bringing in their own people, restructuring everything, perhaps chopping off various company operations, or even pointing the company to a brand new market. More common, however, is the internal turnaround, sometimes led by a new CEO, but often simply initiated by a transition in thinking within the existing executive team. Some attempts are successful, others are not. Indeed it is said that the quality of a company is best measured by how they respond to difficult times.

Such is the case with SilverSun Technologies, a nationwide small business IT services provider operating through its subsidiaries. Just 18 months ago, the company was facing a long string of flat annual sales, generating a little over $7 million in yearly revenue, together with significant operating losses, $2 million in convertible debt, and an industry still reeling from the recession. And yet, instead of outsiders swooping down to kick the company in a different direction, rescue came from the inside. The economy was still a struggle, but one thing the company seemed to have going for it was a team of people that, as company CEO Mark Meller put it, “refuse to accept mediocrity, much less failure as an outcome to any challenge”.

Through a broad mix of operational, product, and service evaluations and transformations, the company essentially pulled itself up by its own bootstraps. By 2012, SilverSun was a different company. Not only did they achieve record annual revenues for 2011, a jump of some 40% over 2010, the company realized an operating profit of $260,000. At the same time, they eliminated all debt, other than ordinary accounts payable, and secured a revolving line of credit to the tune of $750,000. They even closed on the acquisition of selected assets of IncorTech (an accounting, technology, and business consulting company), and signed a letter of intent to acquire the assets of HighTower, a Chicago-based Sage business and development partner.

Turnaround or not, SilverSun is convinced that it is just beginning. The company is now on a stated mission to grow their annual revenues five-fold from their current level of approximately $10.5 million to more than $50 million in the next 36 months.

For additional information, visit SilverSun’s website at www.SilverSunTech.co

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SilverSun Technologies, Inc. (SSNT) and SWK Technologies Work to Remove IT Concerns

Thursday, May 3rd, 2012

SilverSun’s wholly owned subsidiary, SWK Technologies, is the heart of the software and services company’s operations. With locations in New Jersey, New York City, Chicago, Boston, Buffalo, Syracuse, Los Angeles, Orange County, Houston, and North Carolina, SWK offers a team of CPAs, MBAs, and other professionals dedicated to implementing, consulting, training, and supporting Sage BusinessWorks 2011, Sage ERP X3, Sage MAS 500, Sage 500 ERP, Sage MAS 90, Sage MAS 200, Sage 100 ERP, and other reporting and analytical tools for their clients.

• Network IT – SWK’s goal here is to essentially eliminate any network infrastructure concerns for the client, allowing them to focus on their core strengths rather than technology issues. Solutions are adapted for any type of business, small or large, local or international.

• Consulting – SWK’s consulting services are built around teams familiar with the client’s business and industry, to provide more than just a basic fit. Projects are carefully designed to perfectly suit current and potential future client needs.

• Custom Programming – As a Sage Software Authorized Business Partner, Sage Certified Gold Development Partner, and a Sage Certified ERP X3 Partner, SWK delivers customizations and enhancements that are uniquely robust, comprehensive, and integrated to client operations.

• HR Advisor – Designed especially for small businesses that do not yet have the resources for a professional HR department, or have to reallocate employees away from other pressing business matters to handle human resource issues, HR Advisor has developed a broad variety of services that get employment practices back in compliance and prepare the client for the challenges.

• Customer Care – All training and support activities are based upon the latest Sage programs and applications, enhancements, Extended Solutions, and much more.

• Managed Voice Systems – Hosted VoIP with integrated SageCRM, the M5 business phone system converges the industry’s most reliable and flexible phone system with the ability to integrate with critical business applications.

For additional information, visit SilverSun’s website at www.SilverSunTech.co, and SWK’s website at www.SWKtech.com

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SilverSun Technologies, Inc. (SSNT) Video Chart for Monday, April 30, 2012

Monday, April 30th, 2012

A look at the daily and weekly charts for SSNT a solid uptrend began earlier this year. Both charts show momentum and trend building in strength as the chart nears resistance, which if broken, could lead to new all-time highs.

To view the video chart, visit the following link: http://www.qualitystocks.net/videocharts

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SilverSun Technologies, Inc. (SSNT) Targets $8.7 Billion Beer Brewing and Distribution Industry with Proprietary Series of Cloud-Based Business Management Solutions

Tuesday, April 24th, 2012

Earlier today, SilverSun Technologies, a premier total solutions provider specializing in business software, announced the successful launch of a proprietary series of cloud-based software solutions designed to address the unique business management needs of the U.S. craft beer brewing and distribution industry.

The innovative solutions, BeerRun, BrewPub, and the Distributor Relationship Management System (DRM), provide brewmasters with a single, turnkey database batch/process solution capable of managing their manufacturing operations. The software suite is capable of forecasting and planning recipe management, inventory control, and traceability, among other critical business functions, including automated TTB reporting.

Since launch, the company has signed seven new customers to BeerRun and the associated DRM. The first customer for BrewPub just signed up. Revenue is generated via an upfront initiation fee and a recurring monthly subscription fee based upon the number of active user licenses.

According to the trade group Brewers Association, there were 1,940 craft breweries operating for some or all of 2011, encompassing 1,063 brewpubs, 789 microbreweries, and 88 regional craft breweries. Craft brewer retail dollar volume was an estimated $8.7 billion last year, representing nearly 11.5 million barrels of beer sold.

Mark Meller, Chairman, President and CEO of SilverSun, commented, “The first year average annual contract value for our initial BeerRun and DRM contracts is approximately $6,387, with a projected contract term expectancy exceeding four years. Average annual recurring revenue is anticipated to be $3,450. Consequently, we view this niche market as an immediate $30 million+ opportunity on which we have every intention of capitalizing. Moreover, it is our plan to expand our beer brewing solutions platform to accommodate the needs of other types of spirits and beverage manufacturers in the coming year.”

“By leveraging our 20 years of experience in providing leading ERP and accounting solutions to a broad range of industries, SilverSun is uniquely positioned to identify SaaS and/or cloud-based solutions that close functional gaps within existing enterprise applications,” Meller continued. “In fact, we are currently evaluating opportunities to develop new, proprietary SaaS solutions that effectively address the business management needs of the insurance, commercial real estate, biotechnology and pharmaceutical industries. Because our solutions are designed to fully integrate with a wide variety of existing ERP and accounting packages, our customers are able to realize immediate value from our solutions while further leveraging their historical software investments.”

For more information on and demonstrations of BeerRun, BrewPub, and the Distributor Relationship Management System now available through SilverSun subsidiary SWK Technologies, visit www.beerrunsoftware.com

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SilverSun Technologies, Inc. (SSNT) CEO Issues Letter to Shareholders

Monday, April 23rd, 2012

Chairman, President, and CEO of SilverSun Technologies, Mark Meller, today issued a formal corporate update to shareholders. The shareholder letter can be found on the company’s Web site at www.silversuntech.co/Message_from_CEO.html.

In the letter, Meller compared 2011’s financial and operational performance with the prior year, provided insight into SilverSun’s new business development and growth initiatives, and defined the company’s primary goals and objectives for 2012 and beyond. Management aims to grow annual revenues five-fold from their current level of approximately $10.5 million to more than $50 million in the next 36 months.

SilverSun has already proven their ability to quickly boost their sales, achieving record annual revenues last year with 40% year-over-year growth. The company also generated a significant operating profit of $260,000, as well as eliminated all of its debt (excluding ordinary items like accounts payable, etc.) and a toxic convertible debenture. Other notable achievements are outlined in the shareholder letter.

Headquartered in Livingston, New Jersey, SilverSun Technologies is focused on acquiring and expanding technology and software companies engaged in providing best-of-breed management applications and professional consulting services to small and medium size businesses (SMBs). SilverSun’s principal operating subsidiary, SWK Technologies, employs a national direct sales and consulting team currently serving a growing customer base spanning 38 U.S. states and Canada.

For additional information, visit SilverSun’s website at www.SilverSunTech.co

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SilverSun Technologies, Inc. (SSNT) Subsidiary Lands Another Major Sage ERP X3 Sale

Wednesday, April 18th, 2012

SilverSun Technologies, Inc., a preferred source for best-of-breed business management applications and professional consulting services, just announced that its principal operating subsidiary, SWK Technologies, completed the sale of the Sage ERP X3 global enterprise solution. Valued at more than $200,000, the contract was awarded by a major power generation facility in the Northeastern U.S.

“SWK continues on its path to become the pre-eminent reseller of Sage ERP X3 in North America,” Mark Meller, CEO of SilverSun Technologies, stated. “We have made a significant commitment to Sage ERP X3 in time and money, and our investment has been greatly rewarded. Our sales pipeline is strong, our consultants are extremely busy, and we regard Sage ERP X3 as an important component of our growth strategy in both 2012 and the years thereafter.”

“The depth and breadth of the expertise we’ve developed in Sage ERP X3 has been recognized throughout the entire reseller channel,” added Jeffrey Roth, CEO of SWK. “We are often called upon by channel partners to jointly work on ERP X3 opportunities, and we have provided consulting services on situations where we were not actually involved in the sale of the software. As Sage ERP X3 continues its rapid penetration in the North American marketplace, SWK is well positioned to share in that rapid growth. We look forward to announcing additional Sage ERP X3 transactions in the very near future.”

For additional information, visit SilverSun’s website at www.SilverSunTech.co

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SilverSun Technologies, Inc. (SSNT) to Acquire HighTower through SWK Subsidiary

Monday, April 16th, 2012

SilverSun’s wholly owned subsidiary, SWK Technologies, recently announced signing of a letter of intent to acquire the assets of HighTower, Inc., a leading reseller of Sage Software products in the Chicago area. SWK is a Sage Software Authorized Business Partner, Sage Certified Gold Development Partner, Sage Certified X3 Partner, and Sage Authorized Training Center, and comprises the largest part of the operations of SilverSun Technologies, which is involved in the acquisition and build-out of technology and software companies.

HighTower designs and implements accounting systems for a variety of industries, based on Sage Software, SYSPRO, and NetSuite. The company has installed systems at major companies throughout the Chicago area, and has earned its reputation as a high-tech industry leader through the enhancements developed for Sage MAS 90 software. HighTower has a catalog of proprietary enhancements, including TimeKeeper, Point of Sale Professional, Multi-Bin Advanced Distribution, and others, which will add significantly to SWK’s portfolio of solutions. Although the exact terms of the transaction were not disclosed, the acquisition by SWK, planned to close very soon, is expected to add more than $3 million in yearly revenue to SilverSun’s earnings.

SilverSun CEO, Mark Meller, said of the deal: “HighTower has a tremendous reputation spanning several decades as a valued Sage business partner and developer. The company has a solid revenue stream, widely used enhancements, and an established customer base. This transaction gives us critical mass, positioning us as one of the largest resellers of Sage Software in the United States. With our management talent, in-house expertise, and financial resources, we are confident that the combined companies will be able to accelerate sales and earnings growth.”

For additional information, visit SilverSun’s website at www.SilverSunTech.co, SWK’s website at www.SWKtech.com, and HighTower’s website at www.HighTowerInc.com.

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SilverSun Technologies, Inc. (SSNT) Engages Hanover+Elite Power Team for Investor and Public Relations Support

Thursday, April 12th, 2012

SilverSun Technologies, a preferred source for best-of-breed business management applications and professional consulting services, announced that it has appointed the Hanover+Elite Power Team as its Investor and Public Relations counsel of record.

Hanover+Elite is a joint venture company created by Hanover International, Inc. and Elite Financial Communications Group to merge and apply best industry practices in financial communications, corporate branding and awareness, regulatory compliance, and corporate finance advisory services. The joint venture will leverage Hanover and Elite’s respective strengths, resources, and spheres of influence on Wall Street to increase awareness of SilverSun Technologies.

Hanover+Elite will develop, implement, and support a fully integrated corporate and shareholder communications platform for the company, in collaboration with management. The company is also charged with advising management on the formulation, refinement, and execution of its short and long term financing strategies. Jim Hock, CEO of Hanover, and Dodi Handy, CEO of Elite, will lead the combined IR/PR teams and provide strategic counsel and direction.

Commenting on this new relationship, Mr. Hock stated, “There is no longer any such thing as ‘business as usual’ on Wall Street. Everything is changing, evolving, transforming — which in turn is mandating that new, mold-breaking models be adopted to help corporate leadership teams successfully navigate and intelligently access the complex capital markets, and build enduring, prosperous companies worthy of broad investor consideration and support.”

“Dodi and I are thrilled to be combining our firms’ efforts to win SilverSun due attention on Wall Street,” he continued, “for its impressive and strong fundamentals and management’s well defined plan of action for earning distinction as a leader in the business software and consulting industry. ”

To learn more about the company, visit www.silversuntech.com

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SilverSun Technologies, Inc. (SSNT) Subsidiary Reflects Successful Parent Approach

Monday, April 9th, 2012

SilverSun’s wholly-owned principal subsidiary, SWK Technologies, is an IT application and consulting company headquartered in New Jersey, with over a dozen sales and support offices around the country. The company is a good example of parent company SilverSun’s overall approach to the marketplace, a model that has increased revenue in spite of the recession. The orientation is heavily service oriented, backed up by an unusually comprehensive portfolio of software solutions.

SWK is a Sage Software Authorized Business Partner, Sage Certified Gold Development Partner, Sage Certified X3 Partner, and Sage Authorized Training Center. As such, they feel they offer best-of-breed solutions for accounting and business management, financial reporting, ERP, CRM, job costing, EDI, and warehouse management. In addition, as a Sage Extended Solutions Preferred Development Partner, SWK can offer open source programming on any titles that are not incorporated into Sage MAS 90/200, version 4.4.

The company also specializes in collaborative commerce, the communication and cooperation between suppliers and customers, using MAPADOC, a robust EDI solution that integrates seamlessly with their business management solutions. Beyond ERP enhancement, SWK offers VoIP integrations, operations-based cloud computing solutions, managed network services, HRAdvisor, custom reports, and much more, making them far more of a one-stop shop solution provider than other companies. Their ERP X3 solutions are considered the “Go-To” resource within their partner channel, enabling SWK to bring new products to the market very rapidly.

SilverSun has focused on small to medium manufacturers and distributors. By making IT far easier for such customers, the company has realized steady and healthy sales, with recent revenue up 40% in 2011 to over $10.5 million. The fact that the company continues to anticipate strong sales and operating income, and currently has essentially zero debt, clearly differentiates SilverSun in the IT industry.

For additional information, visit SilverSun’s website at www.SilverSunTech.co and SWK’s website at www.swktech.com

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SilverSun Technologies, Inc. (SSNT) Announces Significant Transaction; Anticipates Revenues of $115,000

Tuesday, April 3rd, 2012

Today before the opening bell, SilverSun Technologies announced that its wholly-owned subsidiary, SWK Technologies, Inc., the premier total solutions provider specializing in business software applications and services, has closed on a transaction involving Sage ERP X3. The company estimates it will generate approximately $115,000 in revenue for SWK.

The transaction involves a specialty resins and coatings manufacturing company with eight locations nationally. According to today’s press release, SWK Technologies will be responsible for the installation and implementation of the software.

Mark Meller, CEO of SilverSun Technologies, stated, “SWK has made a significant commitment to Sage ERP X3. Our expertise in Sage ERP X3 is deep and growing. As a result of this expertise, we are being called upon to provide ERP X3 services even on some occasions where we were not the reseller of the software.”

“Sage ERP X3 is an important and critical part of our business,” added Jeffrey D. Roth, CEO of SWK. “As a result of the great demand we’ve seen in the marketplace, we have been hard at work developing proprietary products which seamlessly integrate with Sage ERP X3. Not only do we expect to be able to make a series of announcements about Sage ERP X3 sales in the very near future, but we also anticipate that we will soon be announcing our own line of proprietary solutions which enhance and increase the functionality of Sage ERP X3.”

For more information, visit SilverSun’s Web site at www.silversuntech.com

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SilverSun Technologies, Inc. (SSNT) Announces Record Revenues and Earnings; Reduces Total Liabilities by 60.5%

Thursday, March 29th, 2012

SilverSun Technologies, Inc., a total solutions provider specializing in business software for the small and medium-sized business market, just reported its financial results for the calendar year ended December 31, 2011, in a Form 10-K filed with the Securities and Exchange Commission.

The company’s revenues for the twelve-month period increased 40.5% year-over-year to a record $10,522,080 from $7,486,703 in 2010. Net income on a consolidated basis totaled $2,708,931 for the year ending December 31, 2011, also a record, as compared to a net loss of $568,505 on a consolidated basis for the year ended December 31, 2010, an increase of $3,277,436.

Earnings per share was reported at $0.58 for the year ending December 31, 2011, a substantial improvement over the net loss of $0.13 per share reported for the previous year. Earnings per share on a fully diluted basis was $0.02 for the year ending December 31, 2011, compared to a net loss per share of $0.13 on a fully diluted basis for 2010.

Mark Meller, Chief Executive Officer of SilverSun Technologies, stated, “This was a banner year for our Company, and we are very pleased to report financial improvements across the board. Operating profit, despite the expenses we incurred as a result of our restructuring, was still $260,000. Furthermore, we have secured a line of credit with a commercial lender and have reduced our total liabilities by $3,712,550, from $6,133,472 on March 30, 2011, to $2,420,922 as of December 31, 2011, a reduction of 60.5%.”

“Our Company is working hard to execute on its aggressive growth plan,” Meller added. “With organic sales accelerating, significant reduction of our debt, and a profitable operating business, we are well positioned to commence the next phase of our growth strategy, which includes the acquisition of other resellers and proprietary products. We are excited about the future and look forward to providing additional information on further developments.”

For more information, visit SilverSun’s Web site at www.silversuntech.com

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SilverSun Technologies, Inc. (SSNT) Inks Letter of Intent to Acquire Leading Software Reseller

Monday, March 26th, 2012

SilverSun Technologies announced before the opening bell today that its wholly owned subsidiary, SWK Technologies, the premier total solutions provider specializing in business software solutions, has entered into a letter of intent to acquire the assets of Hightower, Inc., a Chicago-based reseller of Sage Software products. Completion of the acquisition is anticipated to add more than $3,000,000 in annualized revenue while being immediately accretive to SilverSun’s earnings.

Founded in 1987, Hightower has installed systems at prominent companies throughout the Chicago region. The transaction, which is subject to the signing of definitive agreements and customary closing conditions, is expected to close within the next 30 days.

Mark Meller, CEO of SilverSun, stated, “Hightower has a tremendous reputation spanning several decades as a valued Sage business partner and developer. The company has a solid revenue stream, widely used enhancements, and an established customer base.“

“This transaction gives us critical mass, positioning us as one of the largest resellers of Sage Software in the United States,” added Meller. “With our management talent, in-house expertise, and financial resources, we are confident that the combined companies will be able to accelerate sales and earnings growth. The acquisition, which will be funded by SilverSun’s existing financing facilities on a non-dilutive basis to existing shareholders, is the second we have announced in 2012. We continue to execute our business plan to increase value for our shareholders by increasing sales and acquiring companies on an opportunistic basis.”

Jeffrey D. Roth, CEO of SWK Technologies, commented, “This transaction makes SWK Technologies a dynamic force with significant market presence in the Midwest. Hightower has a catalog of proprietary enhancements, including TimeKeeper, Point of Sale Professional, Multi-Bin Advanced Distribution and others, which will significantly increase SWK’s catalog of proprietary software and intellectual property. Our shared commitment to putting clients first ensures Hightower’s client base will continue to receive superior service, and we are very excited about the future.”

For more information, visit SilverSun’s Web site at www.silversuntech.com

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SilverSun Technologies, Inc. (SSNT) is “One to Watch”

Monday, March 26th, 2012

SilverSun Technologies, via wholly-owned subsidiary SWK Technologies, is a premier total solutions provider specializing in business software for manufacturers and distributors. Established in 1988, the company focuses on meeting the needs of small-sized and mid-sized businesses (“SMB” marketplace) with accounting and business management products, including SilverSun’s own proprietary software. The company also offers its own cloud-based solutions and provides network services (network configuration, data backup, 24/7 remote monitoring, etc.) to its clients.

SilverSun distinguishes itself from traditional software resellers by offering a wide range of value-added services, consisting primarily of programming, training, technical support, and other consulting and professional services. The company also provides software customization, data migration, business consulting, and implementation assistance for complex design environments. Currently, the company has over 1,000 active customers.

In addition to driving organic growth, SilverSun’s aggressive growth strategy includes acquiring firms in the extensive and expanding SMB marketplace to create substantial value for its shareholders, employees, and partners. SilverSun aims to leverage SWK Technologies as a platform to roll up and aggregate the best and brightest ERP resellers, as well as other software companies with proprietary products that serve the SMB marketplace. The company’s most recent acquisition was in January 2012.

In 2011, SilverSun increased sales 40% over the previous year and strengthened its balance sheet through the elimination of all outstanding debt. With organic sales accelerating, significant debt reduction, and great depth of expertise and resources, SilverSun is well positioned to become a dominant player in the growing business software marketplace.

For more information, visit SilverSun’s Web site at www.silversuntech.com

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SilverSun Technologies, Inc. (SSNT) Announces Ticker Symbol Change

Thursday, March 15th, 2012

SilverSun Technologies today reported that the trading symbol of its common stock has been changed to SSNT, effective Thursday, March 15, 2012.

Mark Meller, CEO of SilverSun, stated, “We are pleased to announce the ticker change has been put into effect by Finra. However, it could take up to 5 days for all quotation services to update their records of the ticker symbol change.”

Engaged in the acquisition and build-out of technology and software companies, SilverSun is executing an aggressive growth strategy within the extensive and expanding, but highly fragmented, business solutions marketplace. Since June 2004, SilverSun has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc.

Through its subsidiaries, SilverSun meets the needs of small-sized and mid-sized businesses (“SMB” marketplace) with accounting and business management products, including its own proprietary software. The company also offers cloud-based solutions and a wide range of value-added services.

For more information, visit SilverSun’s Web site at www.silversuntech.com

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SilverSun Technologies, Inc. (SSNT) Acquires Outstanding Minority Interest in SWK Technologies

Wednesday, January 25th, 2012

SilverSun Technologies, 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.”

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SilverSun Technologies, Inc. (SSNT) Repays Outstanding Short Term Bridge Loans

Tuesday, November 1st, 2011

SilverSun Technologies, the total solutions provider specializing in business software for the small and medium-sized business market, today announced that the Company has repaid, in full, two loans made by accredited investors in April 2011, in the aggregate amount of $550,000.The $550,000 was used to extinguish all of the Company’s obligations under the previously outstanding convertible debentures held by YA Global. No further obligations are owed to either YA Global or to the accredited investors.

The funds were provided by a $750,000 loan facility provided to the Company by a commercial bank. The loan is a 36 month facility, secured by the assets of the Company and its subsidiary, SWK Technologies and was personally guaranteed by the Company’s CEO, Mark Meller.

Mr. Meller stated, “2011 has been a transformative year for our Company. Our sales have increased and our liabilities have been significantly reduced (by over $3,000,000). I agreed to personally guarantee the bank loan because of my firm belief in the continued growth and success of the Company and our talented and capable management team.”

Jeffrey D. Roth, CEO of SWK Technologies, commented, “The restructuring of our Company is now largely completed, and we can now concentrate on our aggressive expansion plans, including the partnering with other Sage business partners and the development and acquisition of proprietary products and new revenue streams. With our positive operating cash flow, we will continue to invest in developing additional cloud-based solutions, like our recently introduced SaaS offering, BeerRun, which targets craft breweries in the United States and Europe. We are excited about the future and look forward to creating more streams of recurring revenue for SWK.”

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SilverSun Technologies, Inc. (SSNT) Reports Earnings for Second Quarter

Thursday, August 4th, 2011

SilverSun Technologies, the total solutions provider specializing in business software for the small and medium-sized business market, reported its financial results for its second fiscal quarter and for the six month fiscal period ending June 30, 2011 in a Form 10-Q filed with the Securities and Exchange Commission.

For the fiscal quarter ending June 30, 2011, the Company reported revenue of $2,692,078, as compared to $1,787,425 for the second fiscal quarter of 2010, an increase of 50.6%.

The Company reported, on a consolidated basis, net income of $2,352,531 in the fiscal quarter ending June 30, 2011, as compared to a net loss of $789,416 for the fiscal quarter ended June 30, 2010.

For the first six months of the 2011 fiscal year, the Company reported revenue of $5,453,523, as compared to revenue of $3,616,147 for the first six months of the 2010 fiscal year, an increase of 50.8%. This increase is due to increased volume of software sales, and increased consulting revenues, which often rise with increased software sales.

Mark Meller, Chief Executive Officer of SilverSun Technologies, stated, “This has been an important quarter for our Company. We have reduced our total liabilities by $3,661,402, from $6,133,472 on March 30, 2011 to $2,472,070 on June 30, 2011, a reduction of 59.7%. We have recapitalized the Company, and we now have 4,447,028 shares of common stock outstanding, versus over 8 billion shares of common stock outstanding as of March 30, 2011.”

“The Company’s sales have increased over 50% for the year, and sales for the second quarter are 50% higher than the same period last year. Our net income of $2,352,531 for the quarter represents an improvement of $3,141,947 from our net loss of $789,416 in the same period last year. Operating income for the second quarter was $84,148, however, this figure includes roughly $60,000 in one-time professional expenses that were incurred in conjunction with our restructuring. Operating income for the first 6 months of the year was $319,035.”

Meller continued, “Our Company is working hard to achieve its aggressive growth plan. With organic sales accelerating, significant reduction of our debt, and a profitable operating business, we are well positioned to commence the next phase of our growth strategy, which includes the acquisition of other resellers and proprietary products like our own MAPADOC EDI solution. We have recently appointed Stanley Wunderlich to the Company’s Board of Directors. Mr. Wunderlich is a highly regarded Wall Street veteran who has been involved in numerous corporate finance transactions, and we anticipate that his expertise will be of great value to the Company in the coming year. We intend to explore up-listing our common stock on another stock exchange as soon as we meet the eligibility requirements for such listing. We are excited about the future, and look forward to providing additional guidance on developments in the near future.”

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