IceWEB, Inc. Announces Payoff of Senior Convertible Note

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IceWEB, Inc. Announces Payoff of Senior Convertible Note

STERLING, Va.--(BUSINESS WIRE)-- IceWEB, Inc.™ (OTC BB: IWEB), a leading provider of Unified Data Storage appliances for cloudand virtual environments, today announced today that this week it is making its full and final note payment to Iroquois Master Fund Ltd., its largest Senior Convertible Notes investor. Once this payment is made, IceWEB will have paid off two of the three Senior Convertible Note holders.

"Paying off this Note is a milestone for us. Iceweb's balance sheet continues to improve as we advance our business strategy of designing, developing, manufacturing and selling the best unified data storage products in the exploding data storage marketplace. Iroquois and the other note holders provided much-needed funding for the Company and they have been and will continue to be great partners for Iceweb," said Rob Howe, IceWEB CEO.


The Senior Convertible Notes stem from a financing transaction entered into by the Company in November, 2011, pursuant to which the Company sold $2,012,500 in principal amount of Senior Convertible Notes to three accredited investors. Installment payments under the Notes could either be made in shares of IceWEB common stock or cash.

IceWEB manufactures award-winning, high performance unified data storage appliances with enterprise storage management capabilities at a fraction of the price of traditional providers, while reducing space, power and cooling requirements and simplifying storage management for land-based, virtual and cloud environments. For more information please call 800-465-4637 or visit www.IceWEB.com. To become part of the Company's e-mail list for industry updates and press releases, please send an e-mail to ir@iceweb.com.

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934, as amended, or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.



IceWEB, Inc.
Cynthia DeMonte, 571-287-2400
ir@iceweb.com

KEYWORDS:   United States  North America  Virginia

INDUSTRY KEYWORDS:

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