OCOEE, FL - iCoreConnect Inc. (NASDAQ: ICCT), known for its cloud-based Software-as-a-Service (SaaS) solutions, announced today the addition of Yvonne Hyland to its Board of Directors. Hyland brings over three decades of global technology industry experience to the table, having held significant roles at major firms such as SAP and Gartner (NYSE:IT), as well as founding and scaling various tech companies to successful exits.
Robert McDermott, President and CEO of iCoreConnect, praised Hyland's track record in business development and her strategic vision, noting her past success in growing startups into multi-million-dollar entities. He expressed confidence that Hyland's experience will be an asset to the company's ongoing expansion efforts.
Hyland herself shared excitement about her new role, looking forward to contributing to iCoreConnect's next growth phase. Her background includes not only entrepreneurial achievements but also leadership positions with profit and loss responsibilities in large corporations.
The appointment is seen as a strategic move for iCoreConnect as it continues to enhance its platform of applications and services aimed at improving workflow productivity and profitability, particularly in the enterprise and healthcare sectors.
This announcement is based on a press release statement from iCoreConnect. The company cautions that some statements in the release are forward-looking and subject to various risks and uncertainties. The actual results could differ from those projected in any forward-looking statements.
In other recent news, iCoreConnect Inc. has amended its Prepaid Forward Purchase Agreement with RiverNorth SPAC Arbitrage Fund, L.P. The amendment defers the conversion of preferred stock into common stock until February 25, 2025. In addition, the company has received a notice from NASDAQ's Listing Qualifications Department due to non-compliance with listing rules, including board composition requirements and minimum bid price. To regain compliance, iCoreConnect has made changes to its board of directors, including the resignation of Harry Travis and the appointment of Yvonne Hyland.
The software services provider also extended the maturity dates of two convertible promissory notes and issued a new convertible note with a principal amount of $397,622. These actions are part of the recent developments aimed at addressing compliance issues and continuing the company's growth trajectory. Furthermore, iCoreConnect expanded its operations into Tennessee, securing an endorsement from the Tennessee Dental Association for seven of its software solutions. These are the recent developments in the company's operations.
InvestingPro Insights
Amid the news of Yvonne Hyland joining the Board of Directors, iCoreConnect Inc. (NASDAQ: ICCT) continues to navigate through a challenging financial landscape. According to InvestingPro data, the company's market capitalization stands at a modest 5.52 million USD. Despite the company's efforts to innovate in the cloud-based SaaS solutions space, recent metrics show a significant debt burden, as reflected in the company's negative P/E ratio of -0.18 and an adjusted P/E ratio for the last twelve months as of Q2 2024 of -0.23.
InvestingPro Tips suggest that iCoreConnect is quickly burning through cash, with short-term obligations exceeding its liquid assets. In terms of stock performance, the company has experienced a strong return over the last month, with a 13.42% increase in price total return. However, this is set against a backdrop of a significant price fall over the last year, where the one-year price total return plummeted by -90.15%. The stock's current price is a mere 8.57% of its 52-week high, trading at a high Price / Book multiple of 13.47.
With the addition of a seasoned executive like Hyland, investors may be observing whether her strategic expertise can steer iCoreConnect towards a path of profitability, as the company has not been profitable over the last twelve months. For those interested in a deeper analysis, InvestingPro offers additional tips on iCoreConnect, providing a comprehensive view of the company's financial health and stock performance.
For a more informed investment decision regarding iCoreConnect, visit https://www.investing.com/pro/ICCT to explore the full range of InvestingPro Tips, including insights on valuation, liquidity, and earnings potential.
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