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InterCloud Systems Inc (OTCMKTS:ICLD) – Searching for Support

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InterCloud Systems Inc (OTCMKTS:ICLD) is a stock going through some tough times. After receiving notice from the Nasdaq of a delisting, the stock tried to bounce, and then simply rolled over again. Now down 99.4% in two and half years, the stock may actually be showing some signs of a supportive bid in recent days as new contracts start to roll in.

That said, traders should be aware that this one has been to the reverse-split dance hall a few times already. The Company has had some debt problems and that’s a situation that always leads, one way or the other, to dilution. But does that mean the stock is bad bet here? We say, “No”, but for interesting reasons. Let’s take a deeper look.

InterCloud Systems Inc (OTCMKTS:ICLD) frames itself as a company that provides end-to-end IT and network solutions to the telecommunications service provider and corporate enterprise markets through cloud platforms and professional services in the United States and internationally. It operates through four segments: Applications and Infrastructure, Professional Services, Managed Services, and Cloud Services.

The company offers various services, including platform as a service, infrastructure as a service, database as a service, and software as a service; and network management, 24x7x365 monitoring, security monitoring, and storage and backup services. It also provides software-defined networking (SDN) training, SDN software development and integration, virtualized network functions validation in a multi-vendor environment, unified communications, interactive voice response, and session initiation protocol based call centers, as well as structured cabling and other field installations.

In addition, the company designs, engineers, installs, and maintains various types of Wi-Fi and wide-area, distributed antenna system, and small cell distribution networks for incumbent local exchange carriers, telecommunications original equipment manufacturers (OEMs), cable broadband multiple system operators, and enterprise customers, as well as designs, installs, and maintains hardware solutions for the OEMs that support voice, data, and optical networks.

Further, it provides consulting and professional staffing solutions to the service-provider and enterprise market in support of IT and next-generation networks comprising project management, network implementation, network installation, network upgrades, rebuilds, maintenance, and consulting services. Additionally, the company’s engineering, design, installation, and maintenance services support the build-out and operation of enterprise, fiber optic, Ethernet, and wireless networks.

InterCloud Systems, Inc. was founded in 2006 and is based in Shrewsbury, New Jersey.

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Moreover, ICLD is a leading provider of cloud networking orchestration and automation, for Software Defined Networking and Network Function Virtualization cloud environments to the telecommunications service provider and corporate enterprise markets through cloud solutions and professional services.

InterCloud’s cloud solutions offer enterprise and service-provider customers the opportunity to adopt an operational expense model by outsourcing cloud deployment and management to InterCloud rather than the capital expense model that has dominated in recent decades in IT infrastructure management.

The Company has embarked on a plan to reduce costs as well as restructure and significantly reduce the debt on its balance sheet. In that regard, and as a first step, the Company announced that it has eliminated more than $14.1 million of debt from its balance sheet, as well as all derivative liabilities associated with that debt.

Mark Munro, Chairman and CEO of InterCloud, stated, “We have undertaken measures to reduce our operating expenditures, restructure our debt, and divest ourselves of non-core assets. Just this week we eliminated over $14.1 Million in debt from our balance sheet, as well as cash interest payments and derivative liabilities associated with that debt. In order to further these debt restructuring efforts, the Board of Directors determined that it would be more prudent to continue our public listing on the OTC-QX rather than on NASDAQ, in order to take advantage of increased flexibility in effectuating the aforementioned restructuring, as well as postpone the shareholder approved reverse-split. We believe that this is the start of our efforts to substantially deleverage the Company and become cash flow positive as we grow our industry disruptive Software Defined Networking and Network Function Virtualization services and solutions.”

In addition, the Company just announced that it was recently awarded over $2.6 million in new contracts for professional services for new and existing customers.  A majority of the work is expected to begin immediately.

At this time, carrying a capital value in the market of $4.2M, ICLD has a decent store ($2.43M) of cash on the books, with total assets approaching $84M, which is balanced by an appreciable load ($58.60M) of total accumulated debt. ICLD has a small trading float of just 33.50M, which suggests the stock could launch higher on any additional influx of interest. The Company is clearly making real money, with trailing revs already coming in at $77.34M. In addition, that top line is growing, with quarterly y/y revs increasing at 16%. The massive decline to date has been an adventure of difficulty, but real business is happening here and it may become an exciting opportunity. We will be keeping a very close eye on this one. For continuing coverage on $ICLD and our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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