$IWEB .045 News out IceWEB Announces Payoff of L
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[b]$IWEB[/b] .045 News out IceWEB Announces Payoff of Last Remaining Senior Convertible Note
Balance Sheet Continues to Show Significant Improvement
STERLING, Va., Feb 04, 2013 (BUSINESS WIRE) -- IceWEB, Inc.(TM) - (OTC BB: IWEB), a leading provider of Unified Data Storage appliances for cloud and virtual environments as well as secure, infinitely scalable Cloud Services, 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.
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