Trey Resources Provides Further Transaction Update
Tuesday January 15, 9:15 am ET
Buyer Receives Commitment to Fund Acquisition
LIVINGSTON, N.J., Jan. 15 /PRNewswire-FirstCall/ -- Trey Resources, Inc. (OTC Bulletin Board: TYRIA - News) today reported that SWK Solutions, LLC, the company which has executed a letter of intent to buy substantially all of the assets of SWK Technologies, Inc. from Trey, has received and executed a commitment letter with an institutional investor to finance the acquisition of SWK Technologies.
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SWK Solutions LLC is a limited liability company formed by Jeffrey D. Roth, CEO of SWK Technologies, Inc. and other members of the management team to acquire the business of SWK Technologies.
Mark Meller, CEO of Trey Resources, said, "Receipt of the financing commitment is a major step forward in finalizing the transaction. Drafts of the contracts have been received and are being worked on right now. We will be filing the required paperwork with the SEC shortly. We expect that the transaction will be able to close in the first quarter of 2008 as scheduled."
Jeffrey D. Roth, CEO of SWK Technologies, stated, "We are moving forward expeditiously, and look forward to finalizing the transaction as soon as possible."
About Trey Resources
Trey Resources 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, Trey has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc. For more information, visit www.treyresources.com, www.swktech.com, www.mapadoc.com, www.amp-best.com, or contact Trey Resources CEO Mark Meller at (973) 758-9555 or by e-mail at mark.meller@swktech.com. Trey Resources was a recent spin-off of iVoice, Inc.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Trey Resources, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
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