-Improves Cash Flow and Gains Flexibility in Financing for Pending
Merger-
IceWEB, Inc.™ (OTCBB: IWEB), a leading provider of Unified
Data Storage appliances for cloud and virtual environments, today
announced that on April 12, 2013 the Company entered into an agreement
with Sand Hill Finance, LLC to amend their existing Financing Agreement
by issuing a convertible debenture to replace IceWEB’s existing note
payable, in the amount of $2,139,235. The debenture is convertible into
common stock at a fixed price of $0.075 per share, bears interest at 12%
annually, and has a two year term. In addition, the terms of the note
call for monthly payments of $15,000, which increases to $25,000 in the
event that IceWEB raises $3,000,000 or more in an equity financing.
“Sand Hill Finance has demonstrated their faith in IceWEB’s future
success by restructuring our debt in a way that allows us to no longer
be in default under our financing agreement, improves our cash flow, and
gives us the flexibility to successfully complete our pending merger
between IceWEB and Computers and Tele-Comm, Inc.,” said IceWEB CFO, Mark
Lucky.
“We are pleased to have been able to reach such a positive arrangement
with IceWEB, particularly as we believe the company is so undervalued.
We’re very excited about their strategy and their future prospects,”
said Mark Cameron, Sr. VP of Sandhill Finance.
About IceWEB, Inc.
Headquartered just outside of Washington, D.C., IceWEB manufactures
award-winning, high performance unified data storage appliances with
enterprise storage management capabilities at a fraction of the price of
traditional providers. Through thin provisioning, target deduplication
and inline compression, IceWEB's unified storage arrays enable
standardization, consolidation and optimized storage utilization for
virtual and cloud environments, saving up to 90% of storage costs, while
reducing space, power and cooling requirements and simplifying storage
management. 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.