IceWEB Engages Source Capital Group
Mar 14th 2013 8:20AM
Updated Mar 14th 2013 8:24AM
IceWEB Engages Source Capital Group
-Seasoned Investment Bankers to Advise on M&A Transactions-
STERLING, Va.--(BUSINESS WIRE)-- IceWEB, Inc. (OTC BB:IWEB), an award-winning Unified Data Storage appliance provider for cloud and virtual environments that features highly secure, scalableIceBOXTMPrivate and Hybrid Cloud solutions, announced today that the Company has engaged Source Capital Group, Inc., (SCG) a boutique investment banking firm based in Westport, CT focused on Communications, Clean Tech, Natural Resources and Energy industry verticals. As part of its mandate, Source Capital will advise IceWEB on potential merger and acquisition transactions.
"We look forward to benefiting from Source Capital's industry knowledge and depth of experience as they serve as an advisor on our M&A activity," stated IceWEB's CEO, Rob Howe. "With SCG's deep knowledge and expertise in investment banking, along with proficiency in our industry, we know the firm will be able to guide us well in strategically positioning our company. In fact, in just a matter of several business days, we have already held discussions with a number of potential candidates for merger, acquisition and/or joint venture which could dramatically accelerate our model and position us well for significant growth."
Vik Grover, CFA, Director of SCG's TMT Practice, has over 15 years experience in the Communications field. Before working in investment banking, Grover was with Thomas Weisel Partners and Needham & Co. as a Senior Research Analyst covering Communications Services, including Internet service providers (ISPs), voice over Internet protocol (VoIP) and Internet infrastructure.
"The cloud services market is literally erupting with growth. A sea change is at hand, evidenced by a tidal wave of traffic shifting from the desktop and enterprise LAN and WAN environments to the cloud. The marriage of IceWEB's low cost storage software solution for private clouds and BYOD to CTC's Tier I Network Access Point (NAP) and broadband access business positions the combined companies well for superior growth during the coming years.," Grover stated.
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934, as amended, or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
For IceWEB, Inc.
Cynthia DeMonte, 917-273-1717
KEYWORDS: United States North America Virginia
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