IceWEB Engages Source Capital Group

-Seasoned Investment Bankers to Advise on M&A Transactions-

STERLING, Va.–(BUSINESS WIRE)– IceWEB, Inc. (OTC BB:IWEB), an award-winning Unified Data Storage appliance provider for cloud and virtual environments that features highly secure, scalableIceBOX^TMPrivate and Hybrid Cloud solutions, announced today that the Company has engaged Source Capital Group, Inc., (SCG) a boutique investment banking firm based in Westport, CT focused on Communications, Clean Tech, Natural Resources and Energy industry verticals. As part of its mandate, Source Capital will advise IceWEB on potential merger and acquisition transactions.

“We look forward to benefiting from Source Capital‘s industry knowledge and depth of experience as they serve as an advisor on our M&A activity,” stated IceWEB’s CEO, Rob Howe. “With SCG‘s deep knowledge and expertise in investment banking, along with proficiency in our industry, we know the firm will be able to guide us well in strategically positioning our company. In fact, in just a matter of several business days, we have already held discussions with a number of potential candidates for merger, acquisition and/or joint venture which could dramatically accelerate our model and position us well for significant growth.”

Vik Grover, CFA, Director of SCG‘s TMT Practice, has over 15 years experience in the Communications field. Before working in investment banking, Grover was with Thomas Weisel Partners and Needham & Co. as a Senior Research Analyst covering Communications Services, including Internet service providers (ISPs), voice over Internet protocol (VoIP) and Internet infrastructure.

“The cloud services market is literally erupting with growth. A sea change is at hand, evidenced by a tidal wave of traffic shifting from the desktop and enterprise LAN and WAN environments to the cloud. The marriage of IceWEB’s low cost storage software solution for private clouds and BYOD to CTC’s Tier I Network Access Point (NAP) and broadband access business positions the combined companies well for superior growth during the coming years.,” Grover stated.

For more information please call 800-465-4637 or visit www.IceWEB.com. To become part of the Company’s e-mail list for industry updates and press releases, please send an e-mail to ir@iceweb.com.

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