This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 $3.8 Million Convertible Preferred Stock Financing

Stocks in this article: DPSI

IRVINE, Calif., Nov. 15, 2013 /PRNewswire/ -- DecisionPointâ„¢ Systems, Inc. (OTCQB: DPSI), a leading provider and integrator of Enterprise Mobility, Wireless Applications and RFID solutions, announced that it has raised $3.83 million in gross proceeds from institutional and accredited investors through a private placement of 383,000 shares of 10 percent Series E convertible preferred stock, with a stated value of $10.00 per share. Each share of preferred stock may be converted into common stock at any time at the option of the holder. The current conversion price is $0.50 per common share, which means that each share of preferred stock may be converted into 20 shares of common stock.  The conversion price is subject to adjustment in the event that additional shares of capital stock are issued at a price per share of less than $0.50 (subject to certain carve-outs and other adjustments). After deducting the placement agent's commission, the company received net proceeds of approximately $3.5 million.

The proceeds will be used for general corporate purposes.

As part of this transaction, Mr. Robert Schroeder, Vice President Investment Banking of Taglich Brothers, will join the Company's Board of Directors. 

Taglich Brothers, Inc. served as the exclusive placement agent. For more details, please see the current report on Form 8-K to be filed by DecisionPoint Systems on or about November 18, 2013. The law firm of Sichenzia Ross Friedman Ference LLP ( www.srff.com) represented DecisionPoint in the transaction.

"This financing will bolster our balance sheet and broaden our shareholder base to meet minimum standards for listing our common stock on a nationally recognized exchange, one of our strategic goals," said Nicholas Toms, Chief Executive Officer of DecisionPoint.

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

About Taglich Brothers Founded in 1991, Taglich Brothers, Inc. is a full service brokerage firm specializing in the microcap segment of the market for publicly traded securities. The firm has selected this unique niche for two reasons. First and foremost, the small cap market has historically outperformed the large cap market over the past 75 years. Second, this area of the market is virtually ignored by the larger institutions and other Wall Street firms because they cannot invest enough capital in each situation to justify the expense of investigating these companies.

About DecisionPointâ„¢ Systems, Inc. DecisionPoint Systems, Inc. empowers the mobile workforce to enhance customer satisfaction and accelerate business growth. They accomplish this by making enterprise software applications accessible to the front-line mobile worker anytime, anywhere. DecisionPoint combines its industry leading software products, application development capabilities, deployment and support services with the latest wireless, and mobile 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.

Company Contacts:

DecisionPoint Nicholas R. Toms Chief Executive Officer(973) 489-1425

Taglich Brothers, Inc. Robert Schroeder www.taglich.com(212) 661-6886

Allen & Caron, Inc. Rudy Barrio (investors) r.barrio@allencaron.com(212) 691-8087

Len Hall (media) len@allencaron.com(949) 474-4300

SOURCE DecisionPoint Systems, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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