DirectView Proceeds with Next Phase of Acquisition
DirectView Works Diligently On The Next Stages Of The Proposed Acquisition.
NEW YORK, NY- New York, January 16, 2019 – DirectView Holdings, Inc. (DIRV) (“DirectView” or the “Company”), a company focused on ownership and management of leading video and security technology companies, today announced that management is working diligently on the next stages of the previously announced 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 proposed acquisition is still on schedule and management anticipates closing within the first quarter of 2019.
The acquisition target is a well-established and profitable company, with 2018 unaudited revenues reported in excess of $45 million. The targeted company is anticipated to be the third active wholly-owned subsidiary added to the DirectView Holdings portfolio, joining the ranks of DirectView Security Systems, Inc., Virtual Surveillance and ApexCCTV.
Once added to the portfolio, there are exciting opportunities for DirectView’s subsidiaries to work together, develop their products, and exploit operational synergies. DirectView management believes the addition of the targeted company will result in greater buying power, reduced expenses (such as cost of goods sold), grow staff and productivity, and increase revenues and profit.
The targeted company has provided extensive financial documents required and DirectView’s CFO, Chris Cutchens, is hard at work, leading the review of the company’s financials and related documents provided thus far.
Roger Ralston, CEO and Chairman of DirectView, stated “This is a very exciting time for DirectView shareholders, and we wanted to take this opportunity to provide an update of the progress we are making towards the closing of the acquisition. In December, we announced the letter of intent and we still anticipate the transaction to be completed within the first quarter of 2019. This next acquisition has the potential to increase our sales by tens of millions of dollars and put us at over $50 million dollars in annual revenue. Suffice it to say that we are working as diligently as possible, focusing on the next steps of this transaction. Chris Cutchens, our CFO, is laser focused on reviewing the company’s financials and related documents and I am directing the drafting of the definitive documents required for the transaction. A transaction of this magnitude takes time, and we are grateful for your patience as we take DirectView to the next level. We also look forward to announcing, as part of our roll up strategy, additional opportunities as details become available.”
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.comand connect with us on Twitter, LinkedIn, Facebook, and Google+.
DirectView Holdings, Inc.
+1-212-858-9100 EXT. 111 www.DirectView.com
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