Quebec, Canada – (The Hosting News) – July 22, 2009 – The iWeb Group Inc. has confirmed the completion of $3 million financingÂ with one of its major financial partners, BMO Bank of Montreal.
The revolving credit facility is available in term loans, bearing interest of 4.75% currently, (prime rate plus 2.5%), payable in monthly installments over a 42 month time frame.
iWeb intends to use this loan facility to fund servers in the largest of the Companyâ€™s three Montreal data centers. According to Philip Tousignant, iWeb’s CFO, this investment in IT infrastructureÂ will continue expanding iWeb’s dedicated hosting service offering, which has passed the 10,000 server mark in March 2009. $1.37 million has been disbursed immediately for servers already in use.
iWeb is a worldwide provider of Internet hosting services and IT Infrastructure, with three secure data centers in Montreal. Since 2004, the Company’s compounded annual growth rate has been above 75%, making it one of Canada’s 100 fastest growing companies according to PROFIT Magazine. iWeb has also been named one of the top movers and shakers among Canadian IT companies in the 2009 edition of the Branham300.
Founded in 1996 in Montreal, iWeb now generates more than 60% of its revenues from abroad and employs over 170 full-time employees. Providing Dedicated Server Hosting, Co-location and Web Hosting services to more than 21,000 customers in 150 countries. iWeb’s shares are listed on the TSX Venture Exchange (TSX-V : IWB).
For more information, please visit: http://investors.iweb.com.