SHREWSBURY, N.J., April 22, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq:ICLD) (the "Company" or "InterCloud"), filed a Registration Statement on Form S-1 today in order to comply with its obligations under those certain 12% convertible debentures dated December 13, 2013 (the "Debentures").
The Debentures as part of a $11.6 Million offering closed in December 2013, bear interest at the rate of 12% per annum, and mature on June 13, 2015. At the Company's election, subject to certain conditions, principal and interest payments on the Debentures may be paid in cash or shares of the Company's common stock. The Debentures also are convertible into shares of the Company's common stock at the election of the holders at a conversion price equal to the lesser of (i) $6.36, or (ii) 85% of the price per share of the common stock in the Company's first underwritten public offering of not less than $10 million, in each case subject to customary adjustments.
In connection with the sale of the Debentures, the Company agreed to register for resale under the Securities Act of 1933 the shares of common stock issued or issuable upon conversion or payment of the Debentures by filing a resale registration statement with the Securities and Exchange Commission within ten business days of the filing of its Annual Report on Form 10-K for the year ending December 31, 2013.
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a global single-source provider of value-added 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.