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TheStreet Open House

IceWEB Shares Letter Received From Graeme Gibson, CEO Of Computers & Telecom And KC NAP, Discussing Pending Merger & Compelling Advantages Of Joining Forces

Stocks in this article: IWEB

IceWEB Storage Corporation – (OTC BB:IWEB),  an award-winning Unified Data Storage appliance provider for cloud and virtual environments, as well as the highly secure, scalable IceBOX BYOD (Bring Your Own Device) Private Digital Cloud  Solution, CEO, Rob Howe today provided the following update regarding the pending acquisition of Computers & Telecom, Inc. and KC NAP, the companies that IceWEB has been in the process of acquiring.

“Mr. Gibson’s letter spells out in detail many of the reasons why we are excited about this acquisition, why it has been a lengthy process to complete, and shows the enthusiastic commitment of CTC/KC-NAP’s team to become part of IceWEB as a Complete Cloud Services Company,” said Rob Howe, IceWEB CEO.

Mr. Gibson’s Letter:

                 
An Open Letter to IceWEB July 7 th, 2013
Management & Stockholders:
 

I felt it would be useful for both IceWEB’s management and its stockholders to hear from us as we wind down the process of getting through the due diligence & audit and soon prepare to be an IceWEB owned pair of companies. It has been a difficult process, as we have had to completely explain two very complex private closely held companies, with unique assets for which there are no readily available comparable public firms for appraisal or evaluation. After all, there are only 45 NAP’s in the world, most run as closed subsidiaries of telephone companies or real-estate investment trusts that do not publish independent data. Add to this the fact that many of the vendor relationships of both CTC and the NAP are not based on dollar denominated payments, but trades for roof rights or bandwidth exchanges, and we have had the auditors and IceWEB’s CFO hopping in casting the financials to GAAP standards.

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