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InterCloud Refutes Allegations Made Against The Company

RED BANK, N.J., March 28, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq:ICLD) ("InterCloud" or the "Company") became aware last week of allegations made on a website known as the Southern Investigative Reporting Foundation ("SIRF") that the Company purportedly paid certain people to write articles and make certain alleged misrepresentations about the Company. InterCloud takes any such allegations seriously and so, in response, the Company hired a former senior federal prosecutor with the United States Securities and Exchange Commission Division of Enforcement and tasked him with conducting an investigation to determine whether there is any truth to these allegations. As a result of this investigation, the Company is now in a position to state that these allegations are wholly without merit. The Rosen Law Firm filed a complaint against the Company based on these reckless allegations. The Company has not been served with any complaint filed at this time. Four other law firms, Bronstein Gewirtz & Grossman, Lifshitz & Miller, Levi & Korsinsky and Rigrodsky & Long, are actively soliciting plaintiffs to join a lawsuit. The Company will vigorously defend itself in any lawsuit filed.

InterCloud CEO Mark Munro stated, "InterCloud has made tremendous strides over the last 18 months. We have grown from little more than $17 million in revenue in 2012, to over $80 million in pro-forma revenues for the twelve months ending September 30, 2013. I take note of the fact that since our public offering on October 31, 2013, every officer and director of our Company has been subject to an underwriter lockup precluding sales of our stock. Nevertheless, because of the seriousness of these allegations, we felt obligated to take the time necessary to investigate whether there was any substance to these claims. We are proud of the accomplishments we have made in offering important cloud solutions to the enterprise and service provider markets. We remain dedicated to completing our mission to make InterCloud one of the foremost cloud and managed service solution providers in the IT services market."

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