ARMINGDALE, NY--(Marketwire - July 30, 2008) - International Smart Sourcing, Inc. (OTCBB: ISSG) announced today that it has signed a letter of intent to acquire Network 1 Financial Securities Inc. (NETW), a full service broker dealer headquartered in Red Bank, NJ.
Network 1 Financial Securities Inc. (NETW) was established in 1983 and services the investment and capital needs of individuals, institutions, and corporations. NETW is registered in 38 states.
Network 1 Financial Securities Inc. is uniquely positioned to assist small public companies in all of their financial and investment banking needs. Its team of seasoned professionals can help fill a compelling void in the investment banking needs of US small public companies.
Network 1 Financial Securities Inc. clears on a fully disclosed basis through Southwest Securities, Inc. NETW's mission is to become a leader in the investment industry and promote the growth of small to mid size companies through investment banking services.
The letter of intent states that the Company agrees to purchase 100% of the issued and outstanding capital stock of NETW. The price is pending the Company's due diligence review of NETW's audited financial statements for the years ended June 30, 2008 and June 30, 2007. Both parties agree they will not enter into any discussions or agreement to acquire another entity or the majority assets of another entity from now until September 30, 2008. The letter is subject to continued due diligence and shareholders approvals.
David Hale, President and Acting Chief Financial Officer of the Company, commented, "We are excited about the potential acquisition of Network 1 Financial Securities Inc. NETW is poised for expansion and has a unique approach to servicing small to mid size companies. We look forward to capitalizing on this market segment and growing the business even further."
This press release contains 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. Any such statements are subject to risks and uncertainties, which could cause actual results to vary materially from those indicated. Actual results could differ due to a number of factors, including negative developments relating to unforeseen order cancellations or push outs, the company's strategic relationships, the impact of intense competition and changes in our industry.
Company Contact:
David Hale
President and Acting Chief Financial Officer
Phone: (631) 293-4796
dave@smart-sourcing.com
