08/16/2024 | Press release | Distributed by Public on 08/16/2024 14:35
OCOEE, FL , Aug. 16, 2024 (GLOBE NEWSWIRE) -- iCoreConnect Inc. (NASDAQ: ICCT) ("iCore" or the "Company"), a leading provider of cloud-based software and technology solutions designed to enhance workflow productivity and customer profitability, is pleased to announce its financial results for the three and six months ended June 30, 2024.
Operational and Strategic Developments
Debt Restructuring
As part of its strategy to improve cash flow management, iCoreConnect has successfully reached restructuring agreements with certain of its convertible noteholders. These agreements cover approximately $3.6 million in combined principal and accrued interest, originally due in 2024. The majority of maturities have now been extended to August 1, 2027, with all principal and interest payable at that time. Upon shareholder approval, noteholders will have the option to convert their notes into common stock at a conversion price of $0.80 per share, with mandatory conversion required if the common stock price exceeds $1.04.
This debt restructuring provides the Company with an additional runway to preserve cash and support ongoing growth initiatives.
About iCoreConnect, Inc. (NASDAQ: ICCT)
iCoreConnect Inc. is a market leading, cloud-based software and technology company focused on increasing workflow productivity and practice profitability through its enterprise and healthcare workflow platform of applications and services. iCoreConnect is most notably known for its innovation in solving healthcare business problems. iCoreConnect's philosophy places a high value on customer feedback, positioning iCoreConnect to respond to the market's needs. iCoreConnect touts a platform of 16 SaaS enterprise solutions and more than 130 product endorsements with state or regional healthcare associations across the United States.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including 'believes,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,' 'intends,' 'potential,' 'may,' 'could,' 'might,' 'will,' 'should,' 'approximately' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. "Risk Factors" in the Company's most recently filed Form 10-K filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Investor Contacts:
[email protected]
888.810.7706, ext 5
Released August 16, 2024