CORAL SPRINGS, FL / ACCESSWIRE / April 2, 2015 / Information Systems Associates (IOSA) or ("ISA") has consummated its previously announced merger with Duos Technologies, Inc. of Jacksonville, Florida (Duos) in which Duos became a wholly owned subsidiary of Information Systems Associates. The merged entity will focus on the intelligent technologies, IT and Cloud services markets. The companies are in the process of combining operations and will continue to serve their respective customers.
ISA's existing board of directors appointed Gianni Arcaini as Chairman and CEO of the merged entity taking over from Joe Coschera, ISA's current CEO. Mr. Coschera will remain with the company in charge of ISA's IT infrastructure services business. "I am very pleased that our respective management teams have been able to complete this merger in record time. This is the first and most important milestone in our growth strategy, which undoubtedly will significantly benefit our combined shareholder base," said Mr. Arcaini.
Adrian Goldfarb, ISA's current CFO, will continue as CFO of the combined entities. "I am delighted that we were able to conclude this transaction and am looking forward to executing the next phases of the business plan that we have been working on collaboratively," Mr. Goldfarb stated.
The combined Company will now focus on executing its strategy involving significant growth in revenue and long-term profitability. This strategy includes continued R&D investment, new initiatives in sales and marketing, as well as strategic acquisitions. The combined entities expect to report revenues for 2015 that are significantly higher than the original public entity.
Additional information regarding the merger transaction will be set forth in the Company's Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission.
About Information Systems Associates, Inc.
Information Systems Associates, Inc. (IOSA), now based in Jacksonville, FL, is an established cutting-edge technology company with a strong portfolio of intellectual property. Its Duos subsidiary's core competencies include advanced intelligent technologies that are delivered through its proprietary integrated enterprise command and control platform. Duos currently offers solutions to the government, healthcare, transportation, utilities and commercial/industrial sectors. ISA will continue to offer IT, professional services and consulting services for information technology projects.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, the combined entity's strategy for growth and profitability, revenue generation, liquidity and access to public markets post transaction, the successful integration of the respective companies' businesses, the sufficiency and availability of working capital and general changes in economic conditions. We undertake no obligation to revise or update any forward-looking statement for any reason.
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SOURCE: Information Systems Associates
Released April 2, 2015