data storage play IWEB seeing a breakout on verybu

data storage play IWEB seeing a breakout on verybullish news

STERLING, Va.--(BUSINESS WIRE)--

In the third paragraph, Mark Cameron's title should read "President of Sand Hill Finance" (sted "Sr. VP of Sandhill Finance").

The corrected release reads:

ICEWEB RESTRUCTURES DEBT WITH SAND HILL FINANCE

-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, President of Sand Hill Finance.

NBT Equities discussed all the recent deals that keep mounting with this stock:

IceWEB’s BIG Triple Play Move

http://www.nbtequitiesresearch.com/company/ic...-play-move