SMITHTOWN, NY--(Marketwire - Jan 7, 2013) - iGambit, Inc. (OTCQB: IGMB), a diversified technology development and holding company, announced that on December 31, 2012 it acquired the assets and business of igxGLOBAL, Inc. and igxGLOBAL UK Limited ("igxGLOBAL"). igxGLOBAL is an internationally recognized information technology services company with core competencies in IT network infrastructure and data security solutions.
The acquisition was structured as a stock and asset purchase for a combination of cash, notes and iGambit common stock. A portion of the purchase price will be escrowed based on the future performance of igxGLOBAL over a three-year period.
The new iGambit subsidiary will be known as IGXGLOBAL, Corp. and IGX EMEA, respectively. With world headquarters in Rocky Hill, Connecticut and European headquarters in Canterbury Kent, England, IGXGLOBAL provides best-of-breed information network and security integration products and services to enterprise customers of all sizes throughout North America and Europe. The largest industries served by IGXGLOBAL customers include major banks, financial securities companies, stock exchanges, insurance companies, hospital groups, and universities. The company is a value-added reseller of over twenty IT network and security products.
Thomas Duffy, the sole owner of igxGLOBAL prior to the sale, will continue to serve as President and CEO of IGXGLOBAL, Corp. Thomas stated, "We are delighted to become the keystone business of iGambit and believe by taking a leading role in this public company we can grow a very profitable and significant company in the IT segment of the industry. Our plan will be to seek growth both internally and by combining with other IT consulting companies that bring complementary products and services that support the business needs that our many customer relationships have shared with us."
John Salerno, Chairman and CEO of iGambit, said, "We have looked long and hard for technology companies that can benefit from ownership in the iGambit holding company model and that exhibit exceptional management and significant potential for growth. I am pleased to report that we have found a terrific opportunity for iGambit, igxGLOBAL and our stakeholders in this combination. We look forward to having a close and rewarding relationship with Tom Duffy and the igxGLOBAL team as they seek to continue on their mission of providing critical services and products in the expanding and dynamic IT infrastructure and security space, while creating value for all of our shareholders."
About iGambit, Inc: iGambit (OTCQB: IGMB) (www.igambit.com) is a fully reporting publicly-held company focused on the technology markets. The stock has not been listed for trading pending the acquisition of a substantial business of the size of igxGLOBAL. Prior to the acquisition of igxGLOBAL, iGambit had one operating subsidiary in the business of providing media technology services to the real estate industry. iGambit's focus is to grow its businesses and seek additional accretive technology companies that might benefit from public ownership. iGambit plans to assume an active role in the development and growth of igxGLOBAL, providing both strategic guidance and operational support.
About igxGLOBAL Inc.: igxGLOBAL (www.igxGLOBAL.com), now a subsidiary of iGambit, Inc., provides enterprise clients security and network infrastructure services and products. Working independently, or alongside key technology partners, igxGLOBAL brings a wealth of solutions experience to that help clients to develop, deploy and sustain an effective long term network and information security practice. igxGLOBAL delivers on these solutions by providing clients with the intelligence required to make informed decisions, the products that provide insight and enforcement, the expertise and operational support to ensure smooth integration and performance. igxGLOBAL is committed to helping its clients design, operate and assure their networks with greater flexibility, security, efficiency and scalability.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this document and elsewhere by iGambit are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward- looking statements include, but are not limited to fluctuations in demand; changes to economic growth in the U.S. and the European economy U.S. and EU government policies and regulations, including, but not limited to those affecting the IT solutions industry. iGambit undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in iGambit, Inc.'s filings with the Securities and Exchange Commission.