TULSA, OK, Oct. 30, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AppSwarm, Inc. (OTC: SWRM), is pleased to announce it has executed an MOU purchase structure for the acquisition of an excellent IT Solutions and Computer Network firm.
The firm, formed in 2003, is well established in providing comprehensive technology solutions and software for the corporate sector and government contracting sector. The firm’s 2017 revenue was over $1,600,000 with EBITDA greater than $650,000. Revenues are projected at $1,800,000 for 2018, and with contracts in place 2019 can be greater than $2,100,000. The agreed-upon purchase reflects an acquisition value of $1,300,000.
The firm offers a wide range of solutions that include: Managed Services, the creation of Networks and Network Support, Media Services, Software Creation and Updating, IT Security programs, Backup and Recovery, and Customized Software and Support of the Software.
A long-term IT team is in place, which offers the ability for a diversity of products and services for multiple market sectors. The team has historically created organic growth through the ongoing development of leading-edge products and services. Long-term relationships have allowed the firm to create a solid base for the retention of accounts and base for growth.
Ronald Brewer, CEO of AppSwarm, Inc., stated, “We are excited to be moving forward in the execution of our plan to close three-complimentary acquisitions prior to the close of year 2019. The execution of the MOU allows us to consummate funding needs within our equity partners while moving carefully thru due diligence. Once completed, this will be the first step toward establishing long-term cash-flow streams. A solid cash-flow base allows AppSwarm to expend time and efforts on very lucrative development projects that entail capital investment and can take twelve to eighteen months to bring to market while continuing to grow our business revenues annually.
“Further, the acquisition IT team will provide AppSwarm excellent development support for growth that is available to AppSwarm and retain the ability to create a more rapid growth program of their own revenues through continued organic growth.”
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About AppSwarm
We develop and publish software platforms for specialty business needs, mobile apps, and gaming/entertainment apps. We partner with business enterprise in potentially high-return joint-venture efforts, along with gaming developers. Other revenue participations include; royalty agreements, marketing partnerships, and outright purchases through our publicly-traded company on the OTC markets, ticker SWRM.
For more information, visit us at www.app-swarm.com, or follow us on Facebook (facebook.com/AppSwarm) or Twitter twitter.com/AppSwarm
Disclosures
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements that are subject to risk and uncertainties including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in the Company's filings with OTCMarkets.com and as required to the Securities and Exchange Commission. These risks could cause SWRM's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company.