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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