Conversion Price at 38% Premium to Current Market Price
STERLING, Va.--(BUSINESS WIRE)--
IceWEB, Inc. – (OTCBB:IWEB), an award-winning Unified Data Storage
appliance provider for cloud and virtual environments, as well as the
highly secure, scalable IceBOXTM BYOD (Bring Your Own Device)
Private Digital Cloud Solution, announced today that Sand Hill Finance,
LLC has converted the remaining principal balance of $1,642,739 due on
its secured convertible debenture into 37,000,000 shares of the common
stock of IceWEB, Inc. The conversion price was $0.0444 cents per share,
a 38% premium to the recent share price of IceWEB’s common stock. As a
result of the conversion, based on 392,817,360 common shares of IceWEB,
Inc. outstanding which includes the shares issued to Sand Hill Finance,
LLC, Sand Hill Finance, LLC holds 9.4% of the issued and outstanding
common shares of IceWEB, Inc. As part of the transaction, Sand Hill
Finance is releasing its security interest in the assets of IceWEB, Inc.
and terminating the financing agreement with the Company.
“Converting the Sand Hill Finance note to equity is a major achievement
for IceWEB, and has significantly strengthened our balance sheet and
improved our cash flow position. Sand Hill Finance has been a great
partner to us over the years, and their conversion of the debt at an
above-market price is a reflection of their confidence in the direction
of the Company,” said Mark Lucky, Chief Financial Officer of IceWEB, Inc.
"We are confident in IceWEB's management team and believe in their
vision for the company's future," said Sand Hill Finance’s President,
Mark Cameron. "We believe now is the opportune time to convert our debt
to equity, fully aligning our interests with the company and its
For more information please call 800-465-4637 or visit www.iceweb.com.
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This press release may contain forward-looking statements. 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 certain 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 in IceWEB, Inc.’s Annual Report on Form 10-K for the year
ended September 30, 2012 and in the Company’s subsequent filings with
the SEC, which are available on the SEC’s 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 other
document, whether as a result of new information, future events or
otherwise, except as otherwise required by applicable federal securities
For IceWEB, Inc.
Cynthia DeMonte, 917-273-1717
Source: IceWEB, Inc.