DecisionPoint exchanges $4 million notes for convertibles preferreds

Exchange with investor Sigma Opportunity Fund to improve equity base

New York, July 5 - DecisionPoint Systems, Inc. said it issued $4 million of convertible preferred stock in exchange for $4 million of senior subordinated secured notes plus accrued interest held by Sigma Opportunity Fund II.

The company issued 1,286,667 preferred shares and 490,000 common shares to the investor. The new preferreds convert at $3.20 per share.

"Exchanging the Sigma note for equity is a key building block toward achieving our long term strategic goals," said Nicholas Toms, chief executive officer of DecisionPoint, in a news release. "With both the reverse merger and equity conversion now completed, our capital structure has been greatly improved and our equity base strengthened. Our balance sheet, with over $5.0 million of net shareholders' equity, now supports our ambitions to achieve $100 million in revenue and sustained profitability in fiscal 2012."

DecisionPoint is a Foothill Ranch, Calif., software company that makes enterprise applications available to front-line workers.

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