InterCloud Eliminates More Than $6 Million in Balance Sheet Liabilities
November 26 2013 - 8:00AM
InterCloud Systems, Inc. (Nasdaq: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 its wholly-owned
subsidiary ADEX Corporation completed its divestment of its
wholly-owned subsidiary Environmental Remediation and Financial
Services LLC ("ERFS"), effective as of October 1, 2013. The
divestiture enables InterCloud to further focus its business on IT
and telecom markets.
The effect of the divesture will be to cancel and eliminate from
the Company's balance sheet over $6.0 million of liabilities,
including $4.2 million of Series I Preferred Stock; an earn-out
liability estimated at $2.1 million; and current liabilities of
approximately $146,000.
"This divestiture is part of our plan to remain focused on the
IT and telecom markets," stated Mark Munro, CEO of InterCloud. "We
have made tremendous headway in our plans, and this is yet another
important step forward as we continue to strengthen our balance
sheet and focus in the marketplace for future growth."
Mr. Munro continued, "Our objective is to continue to build on
our long-term relationships with our very large carrier and
enterprise clients, many which have worked with us for over a
decade. These customers demand a wide range of services and want to
use fewer vendors to meet their network management needs. We will
continue to acquire specific core competencies and organically grow
our professional services offering to help us meet the growing
demands of these large customers. The combination of professional
services and cloud solutions is an advantage in our offerings as we
have the capability to deploy a wide range of professional
engineers throughout the world as necessary. Our large enterprise
and carrier customers demand this type of immediate worldwide
deployment and we expect this to be a differentiator for our sales
organization."
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.
FORWARD-LOOKING STATEMENTS
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.
CONTACT: Investor Relations
RedChip Companies, Inc.
Mike Bowdoin, Vice President
800-733-2447, ext. 110
mike@redchip.com
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