InterCloud Reduces Debt and Strengthens Balance Sheet
RED BANK, N.J., Jan. 8, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (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 as of December 31, 2013, no preferred stock remains outstanding on its balance sheet. InterCloud also satisfied its $1.8 million promissory note issued to the sellers of its AW Solutions subsidiary, as well as repaid over $1.8 million of principal due to its senior lender.
Mark Munro, CEO of InterCloud, stated, "InterCloud's successes and accomplishments in 2013 enabled us to reduce liabilities by approximately $7.2 million, significantly strengthening our balance sheet as we entered the new year. Combined with growing market demand for our services, our improved financial condition, aided by accretive earnings from our recently completed acquisition of IPC-NY, puts us in a great position for a strong 2014 and ongoing future growth."
About InterCloud Systems, Inc.:
InterCloud Systems, Inc. is a global single-source provider of value-added services for 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 .
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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Source: InterCloud Systems, Inc. 2014 GlobeNewswire, Inc.