SilverSun Technologies Inc. (SSNTD) retires debt, leaps in price
Posted on: July 21st, 2011Written by:
SilverSun Technologies Inc. (OTCBB: SSNTD) hiked 56.6% to 13 cents Thursday, on news the company had eliminated a heavy debt load. Volume for the stock topped 68,000 shares.
A news release dated July 21, noted that the Livingston, New Jersey-based company has eliminated an additional $1,338,960 of debt from its balance sheet. The debt, which has been forgiven, was due and owing the Company’s Chief Executive Officer, Mark Meller. This debt reduction follows the redemption and elimination of the Company’s convertible debentures and associated liabilities, which were retired this past April. The total amount of debt and liabilities removed from the Company’s balance sheet since April 1, 2011 now exceeds $3,567,000.
Meller was quoted in the same release as saying, “As a significant shareholder in our Company, I agreed to forgive this debt because I believe that such a step will enhance the value of the holdings of all shareholders, myself included. I am confident in our ability to successfully implement our aggressive growth and acquisition plan. This debt reduction increases the likelihood that we will be able to utilize our stock in the future to make acquisitions.”
SilverSun Technologies, Inc. (formerly Trey Resources, Inc.) is involved in the acquisition and build-out of technology and software companies. The Company’s growth strategy is to acquire firms in this extensive and expanding, but highly fragmented segment, as it seeks to create substantial value for shareholders. Since June 2004, SilverSun has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc.
