IceWEB Got $1.5 Million Line of Credit

IceWEB Inc. announced that its board of directors has provided the company with a $1.5 million Line of Credit to allow for the continued execution of its new strategic initiatives, which to date, are garnering results.

Hal Compton, chairman of the board of directors, said: "The board feels very positive about the job Rob Howe has done in such a short period of time, and we have taken this action to provide him with the resources he needs to continue to grow and expand the company."

"Our board has clearly demonstrated its support for and optimism about the company in providing this $1.5 million line," CEO Howe said. "It is important for our shareholders to understand that this financing does not trigger any dilution, ratchets or participation rights, and as a result, our shareholders do not experience any negative effects from this financing."