InterCloud Sells Its Training Division for $1.4 Million and Disposition of $215 Thousand in Net Accrued Liabilities
NEW YORK, May 17, 2017 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (OTC:ICLD), a leading provider of cloud networking orchestration and automation solutions and services, today announced the sale of its Training Division. The Company’s training division provided professional services focused on education and training in the network arena. The asset was originally acquired by InterCloud in 2016 for $1.0 million in common stock. Under the terms of this asset sale, InterCloud received $1.4 million in cash, additional working capital adjustment and the elimination of approximately $215 thousand in net accrued liabilities.
Mark Munro, CEO of InterCloud stated, “the sale of this non-core business asset is a continued realignment of InterCloud’s business strategy and reduction of our outstanding liabilities. This sale enables InterCloud to focus on areas of growth and profitability; continue to improve our balance sheet and reduce the exposure to convertible debentures.”
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.
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