SilverSun Technologies Reports 2023 Year End Results - Seite 2

"The Company remains on the acquisition hunt. In 2023, we acquired JCS Computer Resources, a Midwest-based reseller of Sage 100 and Sage 50 software. The acquisition added several hundred new customers to our installed base, and provides us with new migration, upsell and cross-sell opportunities. We continue to review acquisition candidates and are hopeful we can close on several transactions in 2024."

Meller further continued, "In September 2022, we announced our planned merger with Rhodium Enterprises, Inc., an industrial bitcoin mining company. After a year of failing to clear regulatory hurdles, we announced the termination of our merger agreement with Rhodium Enterprises on October 13, 2023. As a result, the Company was forced to take a charge to earnings equal to the accrued transaction expenses of roughly $3 million. This is a one-time charge and will not hamper the Company's ability to continue to fund its growth."

"On December 4, 2023, the Company announced that it had entered into an investment agreement with Jacobs Private Equity II, LLC ("JPE") and minority co-investors pursuant to which JPE and the minority co-investors will invest $1 billion cash into the Company. The investment agreement also provides that SilverSun will, shortly after the closing of the investment, separate the existing SilverSun business as SilverSun Technologies Holdings, Inc. ("spin-off company") and distribute all shares of the spin-off company to SilverSun stockholders as of a record date that is expected to be one day prior to the closing of the investment. In addition, SilverSun will declare a $2.5 million aggregate cash dividend to its stockholders as of the same record date, to be funded from proceeds received under the investment agreement. It is anticipated that the spin-off company, which will be named SilverSun Technologies Holdings, Inc., will trade on the OTCQX. The remaining Company will be renamed QXO, Inc. and will become a standalone platform for significant acquisitions in the building products distribution industry. The transaction is expected to close in 2024."

Meller concluded, "We are pleased with the success we achieved in 2023. We believe that we are well positioned for continued growth and success as we have a strong team, experienced resources, and a strong financial position to support our initiatives. We look forward to delivering even more positive results in the coming quarters and years."