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View Systems Announces Letter of Intent to Merge With Potomac River Group

BALTIMORE, MD, Oct 14, 2014 (Marketwired via COMTEX) -- View Systems, Inc. (OTCBB: VSYM), a Baltimore-based manufacturer of integrated, non-invasive, weapons detection systems, has completed negotiations with the Potomac River Group LLC (PRG) and signed a Letter of Intent (LOI) to execute a merger between the two companies in a stock transaction. The merger will involve the acquisition of the privately owned Potomac River Group LLC, by the publicly traded, View Systems, Incorporated.
The two firms began negotiations in the middle of August and are in process of completing the financial, technical and management issues of the merger. Details regarding the composition of the new Board of Directors, a finalizing of the management team and the filing of regulatory documents are in process. Key financial and technical issues surrounding the merger itself are being confirmed and nearing completion. Mr. Frank Frysiek, current President and CEO of PRG, will become the CEO of the combined entities.

While we expect that the transaction will be consummated in the next few weeks there is no assurance that the transaction will be completed. Details of the transaction will be announced after the signing of the Definitive Merger Agreement at the closing of the transaction.