RED BANK, N.J., March 28, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq:ICLD) ("InterCloud" or the "Company") became aware last week of allegations made on a website known as the Southern Investigative Reporting Foundation ("SIRF") that the Company purportedly paid certain people to write articles and make certain alleged misrepresentations about the Company. InterCloud takes any such allegations seriously and so, in response, the Company hired a former senior federal prosecutor with the United States Securities and Exchange Commission Division of Enforcement and tasked him with conducting an investigation to determine whether there is any truth to these allegations. As a result of this investigation, the Company is now in a position to state that these allegations are wholly without merit. The Rosen Law Firm filed a complaint against the Company based on these reckless allegations. The Company has not been served with any complaint filed at this time. Four other law firms, Bronstein Gewirtz & Grossman, Lifshitz & Miller, Levi & Korsinsky and Rigrodsky & Long, are actively soliciting plaintiffs to join a lawsuit. The Company will vigorously defend itself in any lawsuit filed.
InterCloud CEO Mark Munro stated, "InterCloud has made tremendous strides over the last 18 months. We have grown from little more than $17 million in revenue in 2012, to over $80 million in pro-forma revenues for the twelve months ending September 30, 2013. I take note of the fact that since our public offering on October 31, 2013, every officer and director of our Company has been subject to an underwriter lockup precluding sales of our stock. Nevertheless, because of the seriousness of these allegations, we felt obligated to take the time necessary to investigate whether there was any substance to these claims. We are proud of the accomplishments we have made in offering important cloud solutions to the enterprise and service provider markets. We remain dedicated to completing our mission to make InterCloud one of the foremost cloud and managed service solution providers in the IT services market."
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a global single-source provider of value-added IT 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 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.