Attached files
Exhibit
99.1
Novume Solutions Formed from KeyStone Solutions and Brekford
Traffic Safety Merger
CHANTILLY, VA. — August 29, 2017 — (ACCESSWIRE)
— Novume
Solutions, Inc. (OTCQX: NVMM,
NVMMP and NVMMW) (“Novume”) announced today that
it completed the merger of KeyStone Solutions, Inc. (formerly
OTCQB: KEES) ("KeyStone") and Brekford Traffic Safety, Inc.
(formerly OTCQX: BFDI) (“Brekford”).
With
the merger, Novume commenced operations as a holding company for
leading professional services firms. Novume's focus is on
firms that aggregate highly-specialized, difficult-to-find talent
and have the scale and mass to deploy these resources quickly and
efficiently.
Immediately
following the merger, the pre-merger stockholders of KeyStone and
Brekford will own approximately 80% and 20%, respectively, of
Novume issued and outstanding capital stock on a fully-diluted
basis. The merger will allow the combined companies to grow
existing business through access to additional capital, sales, and
distribution resources. Novume management believes that through
partnering, expanded distribution and strategic direction, it can
create value for the combined entity’s
shareholders.
Novume Approved for Trading on the OTCQX
Novume’s
Common Stock, Series A Preferred Stock and Unit Warrants were
approved for trading on the OTCQX Best Market of the OTC Markets
Group, Inc. (“OTCQX”) under the symbols
“NVMM”, “NVMMP” and “NVMMW”,
respectively, effective August 29, 2017.
Appointment of Christine Harada as Independent
Director
The
Novume board of directors appointed Christine Harada, 44, as a
member of the board, effective with the merger and she will serve
as an independent director. Ms. Harada previously served as the
Federal Chief Sustainability Officer from November 2015 through
January 2017. Prior to that, Ms. Harada was the Acting Chief of
Staff of the U.S. General Services Administration
(“GSA”) from March 2015 through November 2015. While at
the GSA, Ms. Harada also served as Associate Administrator,
Government-wide Policy and Chief Acquisition Officer for the GSA
from June 2014 through February 2015. Ms. Harada’s private
sector experience includes serving as Global Manager,
Transformation/Large Scale Change Practice at the Boston Consulting
Group from May 2013 through June 2014, and experience as a
principal at Booz Allen Hamilton from January 2004 through April
2013. Ms. Harada holds an MA, International Studies and an MBA,
Finance from the Lauder Institute and the Wharton School at the
University of Pennsylvania, respectively. She also holds an MS
Aeronautics/Astronautics and a BS Aeronautics/Astronautics from
Stanford University and the Massachusetts Institute of Technology,
respectively.
“Christine
brings to the Novume board more than twenty years of success in
leading government and management consulting organizations. She
combines that experience with extensive expertise in business
strategy and translating strategy into operational excellence,"
said Jim McCarthy, Novume Chairman of the Board.
Carl Kumpf Appointed as Chief Financial Officer
Concurrent with the merger, Carl Kumpf was appointed as
Novume’s Chief Financial Officer effective immediately. Prior
to joining Novume, Mr. Kumpf co-founded Integral Financial Group
(“IFG”) in 2005 and has served as the principal and
Chief Executive Officer. As a principal and CEO of IFG, Mr. Kumpf
served as the external accounting advisor to several IPOs and as
the interim CFO/Controller for several private high-tech and
services companies and oversaw the successful first-year
implementation of Sarbanes-Oxley compliance procedures for a large
government contractor. Mr. Kumpf also served the Chief Accounting
Officer at InPhonic, Inc. from September 2004 through October 2015.
Prior to InPhonic, from May 2002 through April 2004, he was the
Chief Financial Officer for MorganFranklin Corporation. Mr.
Kumpf holds a B.B.A in Accounting from the College of William and
Mary. He is a CPA in the Commonwealth of Virginia. Mr. Kumpf is a
past chairman of the News Media Internal Auditor Association, a
member of the AICPA and a member of the Virginia State Society
of CPAs.
"Carl's
pubic company experiences will be invaluable as Novume seeks
additional capital to deliver on its growth strategy. In addition
to adding to Novume's executive management team, bringing Carl on
board will allow Riaz to focus on Novume's acquisition strategy and
subsidiary operations, a role for which he's well suited," stated
Robert Berman, Novume CEO.
Riaz Latifullah Appointed as Executive Vice President of Corporate
Development
Also
concurrent with the merger, Riaz Latifullah was named as
Novume’s Executive Vice President of Corporate Development.
Mr. Latifullah served as the KeyStone’s Chief Financial
Officer from KeyStone's inception in early 2016 through the
KeyStone merger with Brekford. Following the merger, KeyStone’s other
executive officers Robert Berman, CEO, Harry Rhulen, President, and
Suzanne Loughlin, Chief Administrative Officer and General Counsel,
transitioned to similar roles with Novume.
About Novume Solutions, Inc.
Novume
is a holding company of leading professional services firms. These
firms aggregate highly-specialized, difficult-to-find talent and
have the scale and systems to deploy that talent efficiently at the
enterprise-level at a moment’s notice. Novume is focused on
the logistics of procuring highly-specialized human resources and
delivering critical definitive knowledge to the right place at the
right time. Whether we manage our client’s workforce or
provide them with the tools to manage their own success, they need
exceptional people with distinctive experience. We do
that.
Novume
subsidiaries have had a history of success dating as far back as
1983 and their clients include 87 of the top-100 federal
contractors as well as numerous Fortune 100 companies.
For
more information, please visit Novume.com.
Forward-Looking Statements
This press release includes statements
concerning Novume Solutions, Inc. and its future expectations,
plans and prospects that constitute “forward-looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such forward
looking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. In
some cases, you can identify forward-looking statements by terms
such as “may,” “should,”
“expects,” “plans,”
“anticipates,” “could,”
“intends,” “target,”
“projects,” “contemplates,”
“believes,” “estimates,”
“predicts,” “potential,” or
“continue,” or the negative of these terms or other
similar expressions. You are cautioned that
such statements are subject to a multitude of risks and
uncertainties that could cause future circumstances, events, or
results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors and other risks
identified in our filings with the Securities and Exchange
Commission. All forward-looking statements contained in this press
release speak only as of the date on which they were made and are
based on management's assumptions and estimates as of such date. We
do not undertake any obligation to publicly update any
forward-looking statements, whether as a result of the receipt of
new information, the occurrence of future events, or
otherwise.
Contacts
Novume
Solutions, Inc.
Carl
Kumpf, CFO
info@novume.com
SOURCE: Novume Solutions, Inc.
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