InterCloud Systems, Inc. (OTCQB: ICLD) provides comprehensive cloud computing solutions to the telecommunications and corporate enterprise markets. Shares of InterCloud Systems, Inc. are rallying 24%, through early morning trading on Thursday, October 13, 2016. Over the past three months, the cloud computing company has seen average daily volume of 738,718 shares. However, nearly 1.6 million shares or dollar volume of $119,200, has already exchanged hands through Thursday trading.
Shares of InterCloud Systems, Inc. are rallying Thursday, after the company announced it has successfully reduced $16.4 million in debt and up-listed to the OTCQB marketplace. The company has been working on paying down debt since July 2016. Meanwhile, management also stated that the company has “experienced organic revenue growth of 6.4% to $40.2 million during the first months of 2016” (Yahoo Finance). Here is the press release detailing of the InterCloud Systems, Inc. update:
InterCloud Systems, Inc. Press Release:
SHREWSBURY, N.J., Oct. 13, 2016 (GLOBE NEWSWIRE) — InterCloud Systems, Inc. (the “Company” or “InterCloud”) (ICLD), is a leading provider of cloud networking orchestration and automation solutions and services, today announced that it has reduced debt since July 1, 2016 by $16.4 million. Additionally, the Company has received confirmation that its application to uplist the Company’s common stock on the OTCQB, the Venture Market was approved.
Mark Munro, Chairman and CEO of InterCloud, stated, “We are pleased to report that InterCloud commenced the implementation of its plan to improve its balance sheet by reducing its outstanding debt. Since we last reported financial results, InterCloud has reduced debt by $16.4 million. Additionally, the Company continues to implement cost cutting measures while focusing on our industry leading Software Defined Networking (SDN) solutions and professional services division. The Company plans to continue to restructure its debt, divest ourselves of non-core assets while improving operating results and liquidity. We experienced organic revenue growth of 6.4% to $40.2 million during the first months of 2016 and our look forward is to continued success in our future.”
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.