NEW YORK, April 27, 2017 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (OTCQB:ICLD), a leading provider of networking orchestration and automation solutions and services, today announced the sale of a majority interest in its AW Solutions, Inc. subsidiary. AW Solutions provided DAS and WiFi engineering services. Under the terms of this asset sale, InterCloud will recieve a $2.0 million convertible note in the new company, an additional working capital adjustment in 60 days and a potential earnout after six months. In addition, InterCloud will retain a 19.9% ownership interest in the new company.
Mark Munro, CEO of InterCloud stated, “The sale of this business asset is a continued attempt to realign InterCloud’s business units around profitable higher margin work. The AW Solutions sale has given InterCloud the opportunity to continue to improve our P&L and balance sheet. InterCloud is exploring the sale of other non-core assets as well. This reorganization is providing us the changes necessary to attract conventional asset based lending solutions in order to fuel growth in our core areas.”
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a leading provider of 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. InterCloud offers enterprise and service-provider customers the opportunity to adopt an operational expense model by outsourcing cloud and network 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.
Investor Relations InterCloud Systems, Inc. 561-988-1988
Source:InterCloud Systems, Inc.