IceWEB Makes Payoff of Senior Convertible Note

IceWEB, Inc. is making its full and final note payment to Iroquois Master Fund Ltd., its largest Senior Convertible Notes investor.

Once this payment is made, IceWEB will have paid off two of the three Senior Convertible Note holders.

"Paying off this Note is a milestone for us. Iceweb’s balance sheet continues to improve as we advance our business strategy of designing, developing, manufacturing and selling the best unified data storage products in the exploding data storage marketplace. Iroquois and the other note holders provided much-needed funding for the company and they have been and will continue to be great partners for Iceweb," said Rob Howe, IceWEB CEO.

The Senior Convertible Notes stem from a financing transaction entered into by the company in November, 2011, pursuant to which the company sold $2,012,500 in principal amount of Senior Convertible Notes to three accredited investors. Installment payments under the Notes could either be made in shares of IceWEB common stock or cash.