Sand Hill Finance Converts Remaining Balance of IceWEB Convertible Debenture

IceWEB, Inc. announced that Sand Hill Finance, LLC has converted the remaining principal balance of $1,642,739 due on its secured convertible debenture into 37,000,000 shares of the common stock of IceWEB, Inc.

The conversion price was $0.0444 cents per share, a 38% premium to the recent share price of IceWEB’s common stock. As a result of the conversion, based on 392,817,360 common shares of IceWEB outstanding which includes the shares issued to Sand Hill Finance, Sand Hill Finance holds 9.4% of the issued and outstanding common shares of IceWEB.

As part of the transaction, Sand Hill Finance is releasing its security interest in the assets of IceWEB and terminating the financing agreement with the company.

"Converting the Sand Hill Finance note to equity is a major achievement for IceWEB, and has strengthened our balance sheet and improved our cash flow position. Sand Hill Finance has been a great partner to us over the years, and their conversion of the debt at an above-market price is a reflection of their confidence in the direction of the company," said Mark Lucky, CFO, IceWEB.

"We are confident in IceWEB’s management team and believe in their vision for the company’s future," said Sand Hill Finance’s president, Mark Cameron. "We believe now is the opportune time to convert our debt to equity, fully aligning our interests with the company and its shareholders."