The target company is well established and profitable with 2018 unaudited revenues of approximately $45 million to date
NEW YORK, NY, Dec. 17, 2018 (GLOBE NEWSWIRE) -- DirectView Holdings, Inc. (DIRV) ("DirectView" “We”or the "Company"), a company focused on ownership and management of leading video and security technology companies, today announced that it has entered into a nonbinding letter of intent (LOI) to acquire 100% of the business assets of a nationwide New York based security, surveillance and low voltage supply company (the "Target Company") for a combination of cash, debt and stock subject to change (the “Acquisition”). DirectView is currently conducting due diligence and has entered into discussions with funding sources to arrange the financing necessary to facilitate the transaction. The Target Company's business has achieved Non-GAAP unaudited revenues of approximately $45 million to date in 2018 and is operationally profitable. Upon satisfaction of the financing requirements and the Company’s due diligence and evaluation DirectView plans for the Target Company to become a wholly owned subsidiary of DirectView Holdings, Inc.
DirectView is actively working to fulfill its plan to seek accretive acquisitions to expand its operations, revenues and profits. We believe the acquisition of the Target Company would greatly benefit the shareholders of the Company by significantly increasing the Company’s revenues and allowing the DirectView Holdings subsidiaries to achieve much greater buying power, providing for greater margins.
The Acquisition will also provide the Company with nearly 100 additional staff nationwide and excellent management to service its growing client base. The Company is using this potential transaction in an effort to continue its roll up strategy and corporate mission to strategically restructure its debt and up-list to a senior stock exchange.
DirectView can provide no assurances that it will acquire the Target Company or that the Acquisition will be integrated into DirectView’s business operations successfully.
Roger Ralston, CEO and Chairman of DirectView, stated “We couldn’t be more excited to make this announcement as we near the end of the year and we couldn’t be more proud as we look back at where we have come as a company. The latest completed acquisition of ApexCCTV and Virtual Surveillance increased sales of the Company by several million dollars per year. This next acquisition has the potential to increase sales by tens of millions of dollars and put us at over $50 million dollars in annual revenue. DirectView’s team is very excited at the current direction we are going and the potential to work with the target company’s team. The synergy we will possess together is truly monumental for all aspects of our businesses. We are looking forward to continuing our growth both organically and through additional potential business acquisitions. We are looking forward to reaching our definitive agreements and adding the experienced management and financial strengths that come with this acquisition. We are laser focused on our strategy to grow DirectView and build significant long-term value for our shareholders.”
About DirectView Holdings, Inc.
DirectView Holdings, Inc., together with its subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations. The company operates in two divisions, Security (Video Surveillance) and Video Conferencing. The Security division offers technologies in surveillance systems providing onsite and remote video and audio surveillance, digital video recording, and services. It also sells and installs surveillance systems; and sells maintenance agreements. The company sells its products and services in the United States and internationally through direct sales force, referrals, and its Websites. The Video Conferencing division offers teleconferencing products and services that enable clients to conduct remote meetings by linking participants in geographically dispersed locations. It is involved in the sale of conferencing services based upon usage, the sale and installation of video equipment, and the sale of maintenance agreements. This division primarily provides conferencing products and services to numerous organizations ranging from law firms, banks, high tech companies and government organizations. For more information visit our website at www.DirectView.com and connect with us on Twitter, LinkedIn, Facebook, and Google+.
DirectView Holdings, Inc.
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Cautionary Statement Regarding Forward Looking Statements
Forward Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in our filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.