InterCloud Systems Inc. (ICLD)

[AKsquared]

They're making deals....

NEW YORK, April 27, 2017 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (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.”