Intended merger company:
www.potomacrivergroup.com
View Systems Announces Letter of Intent to Merge With Potomac River Group
9:30 AM ET 10/14/14 | Marketwired
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.
The Potomac River Group LLC (www.potomacrivergroup.com) started business in 2003 as a provider of specialized and technical support services to the U.S. Federal Government. PRG, founded by former government senior managers and agents from various departments of the Federal government, has secured contracts focused on anti-terrorism, intelligence gathering, security methods training and implementation. In addition, their expertise includes investigating money-laundering operations and international law enforcement activities. PRG's skill sets have been expanded and refined as the company has grown in both size and applications over the last eleven years. Today, PRG executes contracted service work for the Departments of Defense, Homeland Security, the State Department and Department of the Treasury. Additionally, PRG holds individual service delivery contracts with all three branches of the U.S. Armed Forces (Army, Air Force and Navy), US Marine Corps, US Coast Guard and the Defense Intelligence Agency (DIA). PRG delivers products (www.PRGdefense.com) through its distribution arm for several lines of high quality, security-related lines such as laser range finders, ballistics equipment and radiation counters. Diversified and growing - PRG has annual revenues of approximately $15 million and is profitable.
Frank Frysiek, President and CEO of PRG, who will become CEO of the merged companies, said in a prepared statement, "Joining forces with a company such as View Systems is what our organization has been contemplating as our next step to develop our business plan. We have the structure and staff to expand our capabilities into larger realms of both government and commercial service delivery as well as providing quality security products at desirable profit margins." In a similar vein, View Systems CEO, Gunter Than stated, "The View Systems Board of Directors is extremely pleased with the business fit and potential of increased revenue. We believe this opportunity will greatly enhance shareholder value. Additional information will be released as regulatory requirements of the merger/acquisition are satisfied and decisions regarding structure and personnel are finalized
