Information technology and software firm Trey Resources, Inc., said that the companyÂs subsidiary, SWK Technologies, Inc., has entered into a letter of intent to sell most of its assets and liabilities.Information technology and software firm Trey Resources, Inc. (BULLETIN BOARD: TYRIA.OB) said that the companyÂs subsidiary, SWK Technologies, Inc., has entered into a letter of intent to sell most of its assets and liabilities. Terms of the deal were not disclosed.
The buyer is SWK Solutions, LLC, newly formed by the CEO and management team of SWK Technologies. Through SWK Technologies, Livingston-based Trey re-sells financial accounting software. Trey, which reports that it has acquired four companies since 2004, also publishes its own proprietary software and provides services including Sarbanes Oxley technology audits for public companies.
“We have been presented with an opportunity to sell SWK at a significant profit over our investment,Â said Mark Meller, CEO of Trey Resources. ÂWhile terms of the transaction have not as yet been made public, I can state that Trey will be debt-free following the transaction, and will also have significant cash available to it. Our plan will be to acquire a more substantial company in another high-growth industry in the near future.Â
The deal is expected to close during the first quarter of 2008. Shares of Trey were at about $0.0002 in late morning trading.