Business
InterCloud Completes the Sale of ADEX Subsidiary
InterCloud Completes the Sale of ADEX Subsidiary.
About this update from Intercloud Systems Inc
[{"type":"text","content":"\n\n NEW YORK, March 01, 2018 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the \"Company\" or \"InterCloud\") (OTC:ICLDD), a leading provider of cloud networking orchestration and automation solutions and services, today announced the Closing on the sale of ADEX Corporation.  Under the terms of this asset sale, InterCloud will received $5Million in a combination of cash and seller’s note.  \n Mark Munro, CEO of InterCloud stated, “the sale of this asset enabled us to immediately reduce a substantial amount of our senior convertible debt and dramatically improved our balance sheet. This is a very important step in the total restructuring of InterCloud.  We are focused on developing our Netlayer.io customer base. Over the next month we will be launching a new Go-To-Market strategy based on our restructuring and successes over the past year.  We have made tremendous strides with the product feature development, strategic partnerships, and  most importantly new customers. We look forward to a 2018 where this entire team is cash flow positive. We are very excited to show potential shareholders our value proposition in the market and our success with our new customers during our 2018 road shows. Additionally, I want to discuss our success in moving toward positive EBITDA and ultimately earnings per share in our future. Our corporate management team is now only 4 employees in total. We have lowered our operating costs by millions annually and lowered our debt footprint by over $50M in the past 2 years. These are massively important changes to our balance sheet and profit landscape. Our remaining subsidiary has been one of InterCloud’s most consistently profitable companies since the company began operating as InterCloud in 2013. This fact along with the success at Netlayer.io, its lower expense footprint and recurring revenue generation has given InterCloud a pathway to positive EBITDA. Our goal in 2018 is to show income per share. The recent reverse split has shaken the confidence in some of our shareholders as seen by a recent drop in the company valuation. A $1M market cap at today's stock price seems to challenge all logic but we understand it is our job to rebuild confidence in existing shareholders and develop new shareholders of record. In early Q-2 2018 we will again go back on t...