IceWEB, Inc. (OTCBB:IWEB) announced today that the company received a commitment letter from Wells Fargo Business Credit. The company is looking to refinance its current accounts receivable to move towards more favorable terms. IceWeb’s current accounts receivable has grown and the line of credit that is being pursued is anticipated to also increase. The loan is expected to close in the next 45 days.
“This refinancing represents a critical step forward for IceWEB in strengthening our balance sheet and improving our monthly cash flow. Moreover, we anticipate that it will represent savings of approximately $700,000 in interest expense over the course of the next 12 months, while also providing essential capital to fund several large upcoming projects in our pipeline.”
IceWeb’s primary customer base includes small to mid-size companies and U.S. government agencies. The company manufactures and markets storage solutions and on-line application services. IceWeb also has a wide variety of security products and services.
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