RED BANK, NJ., Jan. 3, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq: ICLD ), a single-source provider of end-to end IT and telecom solutions to the service provider and corporate enterprise markets through cloud platforms and professional services, announced today that its Professional Services Group has signed multiple new contracts. InterCloud expects these contracts to generate between $3.5 million and $7.0 million in revenue in 2014, based on certain milestone completions.
The new contract awards include a contract with a wireless original equipment manufacturer (OEM) to manage 4G/LTE wireless network upgrades and network expansions. InterCloud will also provide maintenance services as part of the contract. Under the terms of the second contract award, InterCloud will provide professional services for network engineering, project management and other senior technical classifications required to support a major carrier's network expansions.
According to Jake Saunders, VP at ABI Research, "In 2013, mobile capital expenditure is likely to surge 4.9% to $10.5 Billion as North American operators continue upgrading their networks." As further evidence of substantial network investments, AT&T announced plans in November 2012 to invest as much as $14.0 billion in network upgrades, with $8.0 billion earmarked for its wireless networks alone, over the next three years.
"Wireless carriers continue to expand and upgrade their networks, including the deployment of "Cloud" and virtualization as part of their expansion strategy, resulting in robust demand for our services," stated Mark Munro, CEO of InterCloud. "These newest contract awards, all with new enterprise clients, are yet another major step forward for InterCloud and further expands and strengthens our position as a leading service provider in the massive wireless industry."
About InterCloud Systems, Inc.:
InterCloud Systems, Inc. is a global single-source provider of end to end IT and telecom solutions to both corporate enterprises and service providers. The company offers cloud and managed services, professional consulting services and voice, data and optical solutions to assist its customers in meeting their changing technology demands. Its engineering, design, installation and maintenance services support the build-out and operation of some of the most advanced enterprise, fiber optic, Ethernet and wireless networks. Additional information regarding InterCloud may be found on the Company's website at www.intercloudsys.com .
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the "PSLRA") provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
Statements contained herein that are not based on historical fact, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the PSLRA. ICLD intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause the Company actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in the Company's annual, quarterly and other periodic public filings on record with the Securities and Exchange Commission which can be viewed free of charge on its website at http://www.sec.gov
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