This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

DecisionPoint Systems Announces Completion Of $6.3 Million Convertible Preferred Financing

IRVINE, Calif., Dec. 21, 2012 (GLOBE NEWSWIRE) -- DecisionPoint Systems, Inc. (OTCBB:DPSI), a leading provider and integrator of Enterprise Mobility, Wireless Applications and RFID solutions, announced that it had raised $6.336 million in gross proceeds from institutional and accredited investors through a private placement of 633,600 shares of 8 percent Series D convertible preferred stock, with a stated value of $10.00 per share. Each share of preferred stock may be converted into 10 common shares at any time at the option of the holder, for a conversion price of $1.00 per common share.

DecisionPoint used $4.5 million of the proceeds to redeem all of its 20% Series C Convertible Preferred shares with the balance for general corporate purposes.

The transaction will result in dividend cash savings of greater than $300,000 annually. 

Taglich Brothers, Inc. served as the exclusive placement agent. The firm's principals, Michael Taglich and Robert Taglich each personally invested in the transaction as did members of DecisionPoint's management team,  including Nicholas Toms and other directors and officers. For more details, please see the current report on Form 8-K to be filed by DecisionPoint Systems on or about December 27, 2012. The law firm of Sichenzia Ross Friedman Ference LLP represented DecisionPoint in the transaction.

"This financing will reduce our dividend expense significantly while bolstering our balance sheet and broadening our shareholder base to meet minimum standards for uplisting our common stock on to a nationally recognized exchange, one of our strategic goals," said Nicholas Toms, Chief Executive Officer of DecisionPoint.

Michael Taglich, Co-Founder, President and Chairman of Taglich Brothers, commented, "We are excited about our investment in DecisionPoint. We expect the balance of the financing, which will total approximately $7.35 million, will close shortly."

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

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs