Iceweb swaps Sand Hill note with $2.14 million convertible debenture

New note has 12% coupon, two-year term, converts at $0.075 per share

By Devika Patel

Knoxville, Tenn., April 15 - Iceweb Inc. said it has negotiated an agreement with Sand Hill Finance, LLC to amend their existing financing by issuing a $2.14 million convertible debenture to replace the company's existing note.

The new 12% two-year debenture is convertible into common stock at a fixed price of $0.075 per share, which is a 150% premium to the April 12 closing share price of $0.03 (OTCBB: IWEB).

Based in Herndon, Va., Iceweb creates and hosts online training programs.

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