IceWEB Announces Payoff of Last Remaining Senior Convertible Note
IceWEB Announces Payoff of Last Remaining Senior Convertible Note
Balance Sheet Continues to Show Significant Improvement
STERLING, Va.--(BUSINESS WIRE)-- IceWEB, Inc.™ - (OTC BB: IWEB), a leading provider of Unified Data Storage appliances for cloud and virtual environments as well as secure, infinitely scalable CloudServices, announced today that this week it is making its full and final note payment on the last of its three senior convertible notes. 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, Iroquois Master Fund Ltd., Alpha Capital Anstalt, and Kingsbrook Opportunities Master Fund LP. Details will be filed in a Form 8-K with the Securities and Exchange Commission.
"Successfully paying off the senior convertible notes is a key milestone for us. The Company is now positioned to obtain any future capital to expand our business under more favorable terms, while limiting the dilution that our existing shareholders may experience. In addition, we will see lower interest expense going forward as Iceweb's balance sheet continues to improve. We remain committed to advancing our business strategy of designing, developing, manufacturing and selling the best unified data storage and cloud-based ecosystem products in the growing data storage marketplace," said Mark Lucky, IceWEB CFO.
"This significant achievement makes the company stronger and more competitive," said Rob Howe, CEO. "As we continue to execute our cloud-based strategy, enabling customers to utilize our award winning IceWEB hardware and software solutions to operate a "private cloud" or to enable them to have a "data center in the cloud," we are finding more opportunities to expand the business, and this will free us up to do that," Howe concluded.
About IceWEB
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
917-273-1717
KEYWORDS: United States North America Virginia
INDUSTRY KEYWORDS:
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