DecisionPoint Announces Extension of Merger Agreement With Comamtech
Closing Expected to Be Completed by March 31, 2011
FOOTHILL RANCH, CA — December 23, 2010 – DecisionPoint Systems, Inc. (OTCBB: DNPI), a leading provider of Enterprise Mobility and RFID solutions, today announced an extension of their reverse merger agreement with Comamtech. The merger of the two companies is now expected to close before the end of the first quarter of 2011.
Comamtech, a public company, was notified by the Nasdaq Stock Market that it will be delisted and trading in its shares will be suspended effective upon the open of business on Thursday, December 23, 2010. This determination was made by the Nasdaq Hearing Panel in part due to the updated prospective timeline with the DecisionPoint transaction. Comamtech will continue to maintain its status as a reporting company with the Securities and Exchange Commission and will update its shareholders on material events and financial information as required. Comamtech expects that its common stock will be quoted on the OTC Bulletin Board in the near future. After the merger is completed, assuming the merged company meets NASDAQ’s listing standards, the combined company will apply for listing on the NASDAQ Capital Market.
“In order to accomplish the accretive and synergistic acquisition of CMAC which we announced this morning in a timely manner, we agreed to extend the timeline to complete our reverse merger with Comamtech,” said Nicholas Toms, CEO of DecisionPoint. “We were aware that this would potentially impact Comamtech’s Nasdaq listing, but it was always a requirement and our intention to apply for a Nasdaq Capital Market listing for the combined company once the reverse merger was completed. We believe that the completion of both the CMAC acquisition and merger with Comamtech will result in a stronger and more formidable competitor in the enterprise mobility industry.”
About DecisionPoint Systems, Inc.
DecisionPoint Systems, Inc. (OTCBB: DNPI) 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 all the latest wireless, mobility, and RFID technologies. For more information on DecisionPoint Systems visit: http://www.decisionpt.com/news.php.
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.