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Special Financings: IceWeb Retires Sand Hill Debt

September 9, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — IceWeb, Inc. (OTCBB: IWEB) said Sand Hill Finance has agreed to convert IceWeb’s entire long-term debt at $0.36338 per share, a 37% premium to the current stock price of $0.265 per share.

In exchange for three million shares of IceWeb common stock, Sand Hill has agreed to retire $1,090,136 of its convertible debenture, which was accruing interest at an annual rate of 18%.

Mark Lucky, IceWeb's CFO, said, "The retirement of this debt under these circumstances means that we have been able to reduce our total liabilities by more than $1 million during the last fiscal year, as we continue taking steps to strengthen our balance sheet.”

Sand Hill Finance specializes in accounts receivable financing and factoring solutions to emerging growth companies, primarily serving the information technology, software and the biomedical industries.  

Virginia-based IceWeb manufactures and markets data storage products.  

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