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.
Headquartered in Livingston, New Jersey, SilverSun Technologies is involved in the acquisition and build-out of technology and software companies engaged in providing best of breed management applications and professional consulting services to small and medium size businesses (SMBs) in the manufacturing, distribution and service industries. Serving as SilverSun's principal operating subsidiary, SWK Technologies, Inc. employs national direct and channel sales teams, and a consulting team, all of which serve a growing customer base spanning the United States and Canada. For more information, please visit www.silversuntech.com, www.swktech.com or www.mapadoc.com.
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