SilverSun Technologies announced today that it has eliminated an additional $1,338,960 of debt from its balance sheet. The debt, which has been forgiven, was due and owing the Company’s Chief Executive Officer, Mark Meller. This debt reduction follows the redemption and elimination of the Company’s convertible debentures and associated liabilities, which were retired this past April. The total amount of debt and liabilities removed from the Company’s balance sheet since April 1, 2011 now exceeds $3,567,000.
Mark Meller, CEO of SilverSun Technologies, stated, “As a significant shareholder in our Company, I agreed to forgive this debt because I believe that such a step will enhance the value of the holdings of all shareholders, myself included. I am confident in our ability to successfully implement our aggressive growth and acquisition plan. This debt reduction increases the likelihood that we will be able to utilize our stock in the future to make acquisitions. Furthermore, such a move will also make it more likely that we will be able to up-list the Company’s stock to another stock exchange sometime in the future, potentially creating greater liquidity for our shareholders while also broadening our base of institutional and retail investors.”
Meller continued, “We are well positioned to become a dominant player in our market. We have accomplished much in the last 90 days, and will accomplish more in the coming weeks and months. We hope to be releasing additional information regarding further developments in the very near future. ”
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