IceWeb, Inc. (IWEB.OB) Receives Refinance Commitment Letter
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…
