Wednesday, January 30, 2008 9:08:53 AM
Trey Resources to Sell SWK Technologies
Nov 27 2007
Company Will Be Debt Free After Transaction
LIVINGSTON, N.J., Nov 27, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Trey Resources, Inc.
(OTC Bulletin Board: TYRIA), the premier total solutions provider specializing
in business software for the small- and medium-sized business market,
yesterday reported that its wholly-owned subsidiary, SWK Technologies, Inc.
has entered into a letter of intent to sell the majority of its assets and
liabilities to SWK Solutions, LLC, a newly-created limited liability company
formed by Jeffrey D. Roth, CEO of SWK Technologies, Inc. and its management
team.
The transaction is expected to close during the first quarter of 2008.
Mark Meller, CEO of Trey Resources, said, "Trey has grown in a short
period of time from a company with no revenue, (back in May 2004), to a
Company which today is reporting sales results at a run rate of $7.4 million
per year. We have been presented with an opportunity to sell SWK at a
significant profit over our investment, and believe it is in the best interest
of both the company and SWK's management to sell the company at this time.
While terms of the transaction have not as yet been made public, I can state
that Trey will be debt free following the transaction, and will also have
significant cash available to it. Our plan will be to acquire a more
substantial company in another high growth industry in the near future. We
will immediately begin interviewing investment banks to assist us in this
process."
Jeffrey D. Roth, CEO of SWK Technologies, stated, "We have a strong team
that is committed to growing the company. We are well positioned in our core
geographic markets and see tremendous growth opportunities from new products
and services. We look forward to operating as an independent company."
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.
(OTC Bulletin Board: IVOI).
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.
SOURCE Trey Resources, Inc.
http://www.treyresources.comCopyright (C) 2007 PR Newswire. All rights reserved
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