STERLING, Va., Aug. 3, 2011 /PRNewswire/ -- IceWEB, Inc.™
(OTCBB: IWEB), www.IceWEB.com, a leading provider of Unified Data
Storage and building blocks for cloud storage networks, announced
today that the merger with Promark Technology announced on
March 7, 2011 is continuing to
progress towards a successful close.
"The synergies between IceWEB and Promark were evident prior to
signing the merger agreement and have proven to be even more
synergistic since March," stated Dale
Foster, President of Promark Technology. "As a CEO
that has been involved in many mergers and acquisitions of other
technology companies in the past, this merger I believe will be the
easiest to integrate. Corporate culture, geographic
proximity, leadership and roles are many issues that could
complicate a merger and they have already been addressed."
John R. Signorello, IceWEB
Chairman and CEO stated, "We closed this deal in escrow in an
effort to expedite the process. Unfortunately, navigating the
capital markets and regulatory logistics took longer than initially
anticipated. Everything is now in place to move forward with
completing this merger with Promark Technology. We encourage
all shareholders to review the details of the merger agreement
filed in an 8k
(http://www.sec.gov/Archives/edgar/data/1097718/000114420411013368/v213879_ex99-2.htm)
on March 8, 2011."
IceWEB and Promark's management teams are working diligently to
complete the merger and will keep shareholders updated with its
progress. Management will host a conference call following
the closing of the merger to provide as much information as the
Companies can share as well as detail about the company's growth
strategy moving forward.
About IceWEB and Promark Technology
IceWEB, Inc., headquartered just outside of Washington, D.C. manufactures and markets data
storage products. For more information, please visit
www.iceweb.com. Promark Technology distributes data storage and
electronic imaging products through value-added resellers and
system integrators. For more information, please visit
www.promarktech.com.
This press release may contain forward-looking statements,
which are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. 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 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 from time to time in the Company's filings with
the SEC, which are available on its 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 or any other document,
whether as a result of new information, future events or otherwise,
except as otherwise required by applicable federal securities
laws.
Contact:
IceWEB, Inc.
Investor Relations, 571.287.2400
investor@iceweb.com
or
Stephen D. Axelrod, CFA,
212.370.4500
steve@wolfeaxelrod.com
Wolfe Axelrod Weinberger Associates, LLC.
SOURCE IceWEB, Inc.