InterCloud Systems Inc. (ICLD)

[mave_rick]

CORRECTING and REPLACING -- InterCloud Systems' CEO and Board Member Exchange $4.3 Million of Personal Debt for Equity
SHREWSBURY, N.J., July 25, 2017 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by InterCloud Systems, Inc. (the "Company" or "InterCloud") (OTC:ICLDD), the Company's ticker was listed as "OTC:ICLD," rather than "OTC:ICLDD." The corrected release follows:
InterCloud Systems, Inc. (the "Company" or "InterCloud") (OTC:ICLDD), a leading provider of cloud networking orchestration and automation solutions and services, today announced that its CEO Mark Munro and Board Member Mark Durfee exchanged approximately $4.3 million of personal debt for restricted equity.
Mark Munro, CEO of InterCloud Systems, stated, "This conversion of personal debt into equity is a further demonstration of my commitment, as well as the Board's commitment, to InterCloud's restructuring plan. Board Member Mark Durfee and I have loaned the Company approximately $4.3 million in cash during the past few years. We have decided to exchange this debt for preferred equity with special voting rights as part of our plan to fix our balance sheet and increase shareholder equity. Absent a fundamental transaction, this preferred equity will not dilute our shareholders but will have an immediate positive impact on our balance sheet."

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