subject: Decision Point Systems, Inc. (OTCBB: DNPI) $12M (MarketCap) Paying Down Debt [print this page] Decision Point Systems, IncDecision Point Systems, Inc. (OTCBB: DNPI) $12M (MarketCap) Paying Down Debt
Decision Point Systemsoffers its client completely full serviced and customizable field workforce automation, comprehensive mobile inventory and price management systems and hardware, and fast, secure two-way radio solutions for instant communications. The company is building an entire business around offering other business solutions to improve productivity and bring their clients closer to their customers.
With $166K in cash at the end of March 2010, Desicison Point today announced they had paid down its $250K Convertible Senior Subordinated Debenture that was due this month. Here's how the transaction broke down:
Internally generated cash was paid to the note holder in the total of $125,288.
The remaining balance was covered by 416,667 common stock shares being converted at the hands of the debt holders. Additional warrants for 350K shares were also exercised.
Shares outstanding totals about 23M and the company holds only about $2.4M in total debt exclusive of lines of credit and holding shares liabilities.
"Today we have fulfilled our contractual obligation to pay down debt, and have reduced our debt load by just over 10%, a reflection of the positive trends in our business," said Nic Toms, CEO. "In the second quarter we are seeing excellent acceptance of our just launched MobileArc for Couriers. These higher margin products are leading our efforts to increase the mix of higher-margin recurring services revenue and capitalize on our earnings potential. We are pleased with our progress this quarter and based on our pipeline of opportunities we expect these positive trends to continue for the rest of the year," concluded Toms.
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