IRVINE, Calif., Nov. 14, 2013 /PRNewswire/ -- DecisionPoint™ Systems, Inc. (OTCQB: DPSI), a leading provider and integrator of Enterprise Mobility and Wireless Applications and RFID solutions, announced that its Series D Preferred Stock, which was placed with accredited investors in December 2012, is now being quoted on the OTCQB under the ticker symbol "DPSIP." The shares were sold for $10.00 each in the original placement, which brought in to the company approximately $7 million. The chief use of proceeds was to redeem a previous issue of preferred stock, which had been called Series C Preferred Stock, and which has now been completely repurchased and retired.
The Series D Preferred Stock entitles the holder to cumulative dividends, payable quarterly, at an annual rate of 8% for cash dividends and 12% if the dividends had been paid in stock, of the original $10.00 valuation for three years from December 20, 2012, and to a cash dividend of 12% of the original $10.00 valuation after three years. The dividends can be paid in cash or in shares at the election of the Company. The Series D Preferred Stock can be converted to common stock. There were 704,200 shares issued, and all dividends to date have been paid in cash.
A registration statement covering the Series D Preferred Stock and the Common Stock underlying the Series D Preferred Stock was declared effective July 30, 2013.
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.