InterCloud Systems Announces Debt Reduction of $16.4 million and Approval for Listing on OTCQB
SHREWSBURY, N.J., Oct. 13, 2016 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (OTCPink:ICLD), is a leading provider of cloud networking orchestration and automation solutions and services, today announced that it has reduced debt since July 1, 2016 by $16.4 million. Additionally, the Company has received confirmation that its application to uplist the Company’s common stock on the OTCQB, the Venture Market was approved.
Mark Munro, Chairman and CEO of InterCloud, stated, “We are pleased to report that InterCloud commenced the implementation of its plan to improve its balance sheet by reducing its outstanding debt. Since we last reported financial results, InterCloud has reduced debt by $16.4 million. Additionally, the Company continues to implement cost cutting measures while focusing on our industry leading Software Defined Networking (SDN) solutions and professional services division. The Company plans to continue to restructure its debt, divest ourselves of non-core assets while improving operating results and liquidity. We experienced organic revenue growth of 6.4% to $40.2 million during the first months of 2016 and our look forward is to continued success in our future.”
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a leading provider of cloud networking orchestration and automation, for Software Defined Networking (SDN) and Network Function Virtualization (NFV) cloud environments to the telecommunications service provider (carrier) and corporate enterprise markets through cloud solutions and professional services. InterCloud's cloud solutions offer enterprise and service-provider customers the opportunity to adopt an operational expense model by outsourcing cloud deployment and management to InterCloud rather than the capital expense model that has dominated in recent decades in IT infrastructure management. Additional information regarding InterCloud may be found on InterCloud's website at www.intercloudsys.com.
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
CONTACT: Investor Relations InterCloud Systems, Inc. 561.988.1988