InterCloud Systems, Inc. (OTCQB: ICLD) is engaged as a cloud networking and automation services provider. Shares of the cloud services company are climbing 37.28%, through afternoon trading on Monday, June 12, 2017. Over the past month, InterCloud Systems, Inc. has seen average daily volume of 6.08 million shares. However, volume of 14.8 million shares or dollar volume of $325,600, has already exchanged hands on Monday.
Shares of InterCloud Systems, Inc. are jumping today, after the company announced it has been awarded $2 million in new contracts from new and existing clients. Management has been divesting non-core assets and cutting down debt, to reach a more lean business stature. Here is the full press release detailing of the contract awards:
InterCloud Systems, Inc. Press Release:
SHREWSBURY, N.J., June 09, 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 that it was recently awarded over $2 million in new contracts for professional services for new and existing customers. A majority of the work is expected to begin immediately.
Mark Munro, CEO of InterCloud Systems stated, “Over the last six months, we have divested ourselves of non-core assets and strengthened our balance sheet. The Company’s remaining assets produced over $52 million in revenue during 2016. In addition to our divestments, we have significantly reduced our operating expenses with the goal of operating on a cash flow positive basis.”
Mark Munro added, “Notwithstanding these divestments and cost-cutting measures, we are continuing to drive revenue through our remaining subsidiaries and develop partnerships for our NFVgrid platform. As we complete our business restructuring, we will soon be in a position to partner with and acquire new assets that are better suited for growth in a cash flow positive environment.”
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 Virtualization (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.