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Novume Solutions, Inc. Intends to Acquire NeoSystems
Corp.
CHANTILLY, VA / ACCESSWIRE / October 13, 2017
/ Novume Solutions,
Inc. (OTCQX: NVMM; OTCQX:
NVMMP; OTCQX: NVMMW), a holding company of leading professional
services firms, announced today that effective October 11, 2017 it
entered into a preliminary term sheet with NeoSystems Corp. which
sets forth the parties’ intent for Novume to acquire
NeoSystems. NeoSystems is a privately-held, Tysons Corner,
Virginia-based company that provides professional services
and technology solutions that deliver strategic back office support
to companies and associations.
Should the acquisition take place, NeoSystems would become a
wholly-owned subsidiary of Novume. The total consideration for the
acquisition, which is expected to be comprised of cash, Novume
restricted stock and Novume’s assumption of certain
NeoSystems’ liabilities, is anticipated to be approximately
$21 million.
The transaction is subject to customary closing conditions
including satisfactory completion of due diligence, negotiation and
entry into definitive agreements, approval of the transactions by
the Novume’s and NeoSystems’ boards of directors, and a
financing transaction.
"Acquiring NeoSystems would be a great addition to Novume’s
suite of specialty professional services firms that focus on
delivering critical human resources and definitive knowledge to the
right place at the right time. The acquisition of NeoSystems would
significantly increase Novume's top-line revenue and would be an
important step in realizing our strategic plan to expand Novume
through acquisitions and organic growth," said Robert A. Berman,
Novume's Chief Executive Officer.
Michael Tinsley, NeoSystems’ President and
Chief Executive Officer, said, “We are impressed with
Novume’s vision and see a strong strategic fit for NeoSystems
to be a part of the Novume family of professional services firms,
and we anticipate that the relationship will foster continued high
growth and expansion of our business.”
The NeoSystems acquisition, if consummated, would be Novume's
second acquisition and the preliminary term sheet comes just weeks
after Novume acquired Global Technical
Services, Inc. and Global Contract Professionals,
Inc. (collectively
"Global") and a little over a month after Novume was formed through
the merger of KeyStone Solutions, Inc. and Brekford Traffic Safety,
Inc. Earlier in 2017, KeyStone acquired Firestorm Solutions,
LLC, a national leader in both
risk and crisis management, and in 2016, KeyStone
acquired AOC Key Solutions,
Inc., a firm specializing in
managing and writing proposals, winning contracts, and providing
market assessment services for government contractors.
Historically, Novume's subsidiary companies have helped their
clients win more than $160 billion of contracts. Novume is
expanding its suite of services to enable the company to help its
clients not only win work but perform it as
well.
The Benchmark Company, LLC is acting as financial advisor to Novume
for the NeoSystems transaction.
Additional information regarding the transaction is available in
our Current Report on Form 8-K filed with the Securities and
Exchange Commission (the "SEC") on October 13, 2017, and also
available on the SEC
Filings page of the Novume
website.
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 focuses 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.
About NeoSystems Corp.
NeoSystems Corp, based in Tysons Corner, Virginia, delivers
integrated strategic back office services and solutions to enable,
run, and secure commercial entities, government contractors, and
nonprofit organizations. Today, NeoSystems maintains a 97% client
retention rate, supports 700 companies and over 70,000 employees
with its outsourced services and NeoSystems' experts have
implemented hundreds of fully integrated financial and business
management systems. Utilizing best of breed technology and
leveraging in-depth domain expertise in Accounting & Finance,
IT, HR, Contract Management and Hosting (SSAE SOC1 & SOC2,
NIST/DFARS, ITAR), the Neo team enables companies to improve vital
operations, reduce their overhead costs and become compliant with
complex requirements. NeoSystems is partnered with the world's
leading software companies, including Deltek,
Ultimate
Software, IBM, and others
to provide best-in-class solutions. NeoSystems is Deltek’s
first and only Platinum Partner. For seven consecutive years,
NeoSystems has been named one of America's fastest growing private
companies by Inc. Magazine.
For more information, please visit NeoSystemsCorp.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. 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 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," by
the negative of these terms or by other similar
expressions. You are cautioned that such statements are
subject to many 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 circumstances, events or results may differ materially
from those projected in the forward-looking statements,
particularly as a result of various risks and other factors
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.
# # #
Contact:
Novume Solutions, Inc.
Carl Kumpf, CFO
info@novume.com
SOURCE: Novume Solutions,
Inc.