IceWEB, Inc. (OTC:IWEB) are building some spectacular background with a recent government renewal of the maintenance program on their storage appliance and with a new contract, under which they will be delivering multiple units to the U.S. Department of State.
Moreover, another order for a storage platform came from the government health department.
The health department ordered a storage system for tracking and analyzing health requirements data. The order comes for a standard system supplied by IWEB, further details of the contract were not disclosed.
Under another contract, IceWeb will have to supply a 96 terabyte storage system for use by a United States Government Agency. The contract was secured through the firm’s partner Channel Partner Honeywell Federal Manufacturing & Technologies. IceWEB 5000 storage platform will be used to migrate data to the new storage system.[BANNER]
Apparently, their technology is good enough for the government, so it all comes down to eliminating debt and increasing the number of contracts they can pull off. This is what the management has to deal with and from the looks of it, they are doing it quite well. The company eliminated the long-term debt not so long ago and the new contracts should push the top line for further improvement. The huge SG&A expenses are still cutting the profits though, which forces to use of proceeds from stock sales to retain a positive cash flow.
Despite the announcements on new contracts, the management apparently feels insecure about the recognition of their stock. The recent newsletters disclose that Stockhunter.us was hired to deal with this and was paid $25 thousand to distribute emails promoting the company.
