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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