Now that the summer is over, its time for round two of the IceWEB Inc. (IWEB) rally which saw its penny stock rise 68% in a two week span to end May. Having recently filed an S-1 and renegotiated their debt held by Sand Hill Finance from 21% per annum to 12%, IWEB stock is officially the radar screen, especially after just bouncing off its year-to-date low of a nickel. With Mark B. Lucky as the Company’s CFO, traders Might B. Lucky if they can get in before a rally begins on the unified data storage maker.
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IWEB Stock Chart
Market Cap: 15.26M
Close: 0.0789, up 0.0064 (8.83%)
Dollar Volume: $159,073
Average Trade Size: 12,570
Issued and Outstanding: 203,172,274
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Note that IceWEB has filed an S-1 which is for 38,996,445 shares by selling security holders which is comprised of 13,455,958 shares that are presently outstanding and 25,540,487 shares that are issuable upon the exercise of warrants with an exercise price of $0.15 per share. Not a bad number to be focused on considering the year-to-date moving average for IWEB stock is 0.1281, nearly a nickel above its current level. But does it “got the motts?”
For the 9 months ended June 30, 2012, IceWEB booked $2.55 million in revenues versus $2.51 million for the same 9 month period in 2011, an increase of roughly $33,000, or 1%. Gross profit on revenues however dropped to $877,148 for the 9 months ended June 30, 2012 versus $1,196,865 for the same 9 month period in 2011 proving that lower margins may be a growing trend with the growing competitiveness to win deals.
Even with the competitive environment the Company operates under, the penny stock itself seems to be secure at it’s current level with the most recent July, 2012 convertible noteholders exchanging $609, 606 of their notes balance into 8,560,944 of IWEB stock, 0.0712 per share. The S-1 filed, which has yet to meet SEC approval and could again be amended for a 3rd time, 65% of the possible shares t be sold are warrants executable at 0.15.
The key focus really is Mark B. Lucky, the CFO of IceWEB since March, 2007 and the recently appointed COO as of May, 2012. Mark is a current BOD member of VOIS Inc. (VOIS), an entity in which IceWEB purchased an interest in and has over 2 decades experience in high growth/start-up ventures and established companies such as VP of Finance and Administration of MindShare Design, Inc., CFO and Senior Director of Finance for Axys Pharmaceuticals, Inc., a NASDAQ-listed biotech, PriceWaterhouseCoopers, LLC, Director of Financial Planning and Analysis for Mindscape, Inc., Operations Planning & Analysis, Manager of Corporate Planning for The Walt Disney Company in the early 90’s, and KPMG.
If anyone needs to be seated in the IWEB driver’s seat to steer squeezing operating margins into bigger returns for long-term investors, there isn’t many better qualified for the task.
About IWEB Stock
IceWEB Inc. manufactures high performance unified data storage appliances with enterprise storage management capabilities. Through thin provisioning, target deduplication and inline compression managed through IceWEB’s proprietary IceSTORM™ Operating System, IceWEB’s unified storage appliances enable standardization, consolidation and optimized storage utilization for virtual and cloud environments, saving up to 90% of storage costs, while reducing space, power and cooling requirements and simplifying storage management.
Click here to view the SEC filings for IWEB.
Bottom Line: IWEB could be one of those easy 50% plus gaining penny stocks here in the next few weeks. After the close of the Tuesday’s trading session, Tobin Smith’s mug began showing up which clearly means IWEB stock is on the list of “movers and shakers” for the next few weeks with possible hard mailers already out.
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