We wanted to send out a midday update for everyone who has been following along with our coverage of IWEB. When we last looked in on IceWEB, they had just secured another cloud storage client, an ACC University which purchased two 32TB IceWEB 2000 2U storage devices.
From where we started back on July 9th, at a low of .023, the stock has traded as high as .042, and through several swings has afforded us the opportunity to attain cumulative gains in the neighborhood of 250%
We’ve commented in the past about the value we see in a company like IWEB that keeps its investors so well informed, and once again, we are not disappointed. An extremely noteworthy PR hit the wires today:
STERLING, Va.–(BUSINESS WIRE)– IceWEB, Inc. – (IWEB), announced today 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.
Mark Lucky, CEO of IceWEB: “Converting the Sand Hill Finance note to equity is a major achievement for IceWEB, and has significantly 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,” >>>FULL STORY
Mr. Lucky said it quite well; the conversion of a significant portion of debt into equity at such high value relative to the current market price gives investors a reason to feel encouraged about the direction in which IceWEB is headed. We’re in full agreement, which is why we’ll continue to follow this up-and-coming cloud services provider.
We’ve continually mentioned that .03 is the key level above which support must hold, and so far, IWEB has done a good job of maintaining. Today the stock hit a high of .038, and has not fallen below .0337. If you refer to chart below, you can see that IWEB has been in a general uptrend for the duration of our attention toward the stock. We’re also going to be on the lookout for an upcoming Golden Cross of the 50 & 200DMA.
BARCHART.COM is giving IWEB high marks, with an Overall “Buy” Rating of 88%
(Including 100% ratings on both medium and long term indicators)