RED BANK, N.J., Nov. 26, 2013 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq:ICLD), a single-source provider of end-to-end IT and telecom solutions to the service provider and corporate enterprise markets through cloud platforms and professional services, announced today that its wholly-owned subsidiary ADEX Corporation completed its divestment of its wholly-owned subsidiary Environmental Remediation and Financial Services LLC ("ERFS"), effective as of October 1, 2013. The divestiture enables InterCloud to further focus its business on IT and telecom markets.
The effect of the divesture will be to cancel and eliminate from the Company's balance sheet over $6.0 million of liabilities, including $4.2 million of Series I Preferred Stock; an earn-out liability estimated at $2.1 million; and current liabilities of approximately $146,000.
"This divestiture is part of our plan to remain focused on the IT and telecom markets," stated Mark Munro, CEO of InterCloud. "We have made tremendous headway in our plans, and this is yet another important step forward as we continue to strengthen our balance sheet and focus in the marketplace for future growth."Mr. Munro continued, "Our objective is to continue to build on our long-term relationships with our very large carrier and enterprise clients, many which have worked with us for over a decade. These customers demand a wide range of services and want to use fewer vendors to meet their network management needs. We will continue to acquire specific core competencies and organically grow our professional services offering to help us meet the growing demands of these large customers. The combination of professional services and cloud solutions is an advantage in our offerings as we have the capability to deploy a wide range of professional engineers throughout the world as necessary. Our large enterprise and carrier customers demand this type of immediate worldwide deployment and we expect this to be a differentiator for our sales organization."