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 Virtualizaton (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.
InterCloud Systems, Inc.
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