IceWEB and Promark Completes Merger Agreement

IceWEB, Inc. announced that the merger with Promark Technology announced on March 7, 2011 is continuing to progress towards a successful close.

"The synergies between IceWEB and Promark were evident prior to signing the merger agreement and have proven to be even more synergistic since March," stated Dale Foster, President of Promark Technology. "As a CEO that has been involved in many mergers and acquisitions of other technology companies in the past, this merger I believe will be the easiest to integrate. Corporate culture, geographic proximity, leadership and roles are many issues that could complicate a merger and they have already been addressed."

John R. Signorello, IceWEB Chairman and CEO stated: "We closed this deal in escrow in an effort to expedite the process. Unfortunately, navigating the capital markets and regulatory logistics took longer than initially anticipated. Everything is now in place to move forward with completing this merger with Promark Technology. We encourage all shareholders to review the details of the merger agreement filed in an 8k on March 8, 2011."

IceWEB and Promark’s management teams are working to complete the merger and will keep shareholders updated with its progress. Management will host a conference call following the closing of the merger to provide information as well as detail about the company’s growth strategy moving forward.  

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IceWEB Merging With Distributor Promark
Under IceWEB name, with consolidated revenues surpassing $100 million for FY2011