July 21, 2009 – (HOSTSEARCH.COM) – iWeb Group Inc. (TSX-V: IWB) has just confirmed the completion of a $3 million financing with BMO Bank of Montreal, one of its major financial partners. The $3 million revolving credit facility is available in term loans, bearing interest of 4.75% as of today, (prime rate plus 2.5%), payable in monthly installments over 42 months.
iWeb intends to use this loan facility to fund servers in the largest of the Company’s three Montreal data centers. According to Philip Tousignant, iWeb's CFO, this investment in IT infrastructure 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.
