DecisionPoint Systems Announces Private Placement of $1,756,400 of its Common Stock and Warrants
IRVINE, Calif., Aug. 16, 2013 /PRNewswire/ -- DecisionPoint™ Systems, Inc. (OTCQB: DPSI), a leading provider and integrator of Enterprise Mobility and Wireless Applications and RFID solutions, announced that it has entered into definitive subscription agreements with accredited investors for the sale of $1,756,400 in gross proceeds (including $200,000 from management and existing shareholders of the company) for 2,927,333 shares of common stock and 1,463,667 warrants. An initial closing for $1,556,400 was held on August 15, 2013. The remaining $200,000 is expected to close on or about August 19, 2013. Each warrant is exercisable at $1.00 per share. The company received net proceeds of approximately $1.3 million from the initial closing, after deducting the placement agent's fees and other offering expenses.
Newport Coast Securities, Inc. served as the exclusive placement agent. For more details, please see the current report on Form 8-K to be filed by DecisionPoint Systems on or about August 19, 2013. The law firm of Sichenzia Ross Friedman Ference LLP represented DecisionPoint in the transaction. The proceeds of the offering will be used by the Company for working capital and general corporate purposes.
The securities sold by DecisionPoint in the private placement were not registered under the Securities Act of 1933, as amended (the "Securities Act"), and were sold in reliance upon exemptions from the registration requirements of the Securities Act pursuant to Regulation D promulgated under the Securities Act. Therefore, such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
About DecisionPoint™ Systems, Inc.
DecisionPoint Systems, Inc. delivers improved productivity and operational advantages to its clients by helping them move their business decision points closer to their customers. They do this by making enterprise software applications accessible to the front-line worker anytime, anywhere. DecisionPoint utilizes the latest wireless, mobility, and RFID technologies.
For more information on DecisionPoint Systems visit www.decisionpt.com
Forward Looking Statements
Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
DecisionPoint Systems, Inc.
Nicholas R. Toms
Chief Executive Officer
Len Hall (media)
SOURCE DecisionPoint Systems, Inc.