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SilverSun Technologies and Information Systems Management, Inc. Suspend Letter of Intent
By: Marketwired .
Nov. 26, 2012 05:42 PM
LIVINGSTON, NJ -- (Marketwire) -- 11/26/12 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT) today announced that its wholly owned subsidiary, SWK Technologies, Inc., a preferred source for best-of-breed business management applications and professional consulting services, and Information Systems Management, Inc. (ISM), have mutually agreed to suspend the previously announced letter of intent executed by the companies on October 1, 2012.
Mark Meller, Chairman and Chief Executive Officer of SilverSun, stated, "Simply put, there were too many hurdles to overcome in order to make our targeted closing date of January 1, 2013. Organization charts, tax issues, and rationalization of overhead expenses were just some of the myriad of issues that needed to be addressed. Rather than race to the finish line in chaotic fashion to try to make an artificial deadline, we have agreed with ISM to suspend our negotiations for now. We will revisit the transaction after the new year when we can address these issues in a more comfortable fashion."
Jeffrey D. Roth, CEO of SWK, added, "The negotiation process has only heightened our admiration and respect for the entire team at ISM. It is clear that SWK and ISM share the same core values; we are confident that once we are merged together, we can fully optimize our combined strengths and become a dominant force in the market. We look forward to restarting the process in 2013."
About SilverSun Technologies, Inc.
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