SHREWSBURY, N.J., June 30, 2016 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq:ICLD) a leading provider of cloud networking orchestration and automation solutions and services, announced today that it received over $4.0 million in purchase orders since the beginning of 2016 for Software Defined Networking (SDN) and Virtual Network Function (VNF) Validation services for a Global networking company. The work involves SDN training, SDN integration services and the utilization of InterCloud’s state of the art, multi-vendor virtual network function validation services platform, NFVGrid.
Mark Munro, CEO of InterCloud Systems stated: “This is one of the most significant announcements InterCloud has ever released. InterCloud is now an active participant in complex multi-vendor SDN deployments. InterCloud is not only generating new revenue around SDN and VNF validation but more importantly we are gaining incredibly valuable experience and knowledge in this early stage SDN market expansion. We believe this experience will give us a competitive advantage as more carriers and enterprise customers begin to migrate their networks to the virtualized world of SDN.”
Mark Munro continued: “InterCloud is presently focused on the process of VNF validation for Software Defined Networks. It is our belief that this particular segment of the market will offer InterCloud tremendous growth opportunities. Every single virtual firewall, virtual router, virtual load balancer and other virtual network functions must be validated on its own as well as in complex multi-vendor use cases. InterCloud is one of the only companies offering any automation in this arena and it is our objective to be a market leader in this capability over the next several years.”
Separately, InterCloud filed its 10Q for the first quarter of 2016. Total revenue for the first quarter of 2016, after reflecting the sale of the data storage assets of the Company, was over $17 Million and the Company balance sheet reflects over $25 Million in cash (between cash on hand and restricted cash).
Mr. Munro added: “We became current on our filings with our 10Q filing. Our first quarter was strong and our second quarter has seen a steady influx of new business and revenue growth. We are meeting or exceeding our goals of our business segments and we expect to file our 10Q for the second quarter timely.”
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
Source:InterCloud Systems, Inc.