July 12, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — SteelCloud, Inc. (OTC: SCLD), a developer of mobility computing appliance solutions, said it has received $2 million in new equity and debt investments from Clipper Investors, LLC. The new investments include $900,000 in preferred stock having a 10% per annum dividend and $1.1 million of 3-year debt having an interest rate of 12%.

Both the preferred stock and debt are convertible into common stock at a price of $0.10 per common share, a 54% premium over the closing share price on July 2.

In conjunction with the transactions, the company issued 20 million warrants to purchase common stock at a price of $0.14 per common share, a 115% premium over the closing share price on July 2.

Additionally, concurrent with the closing of these new investments, SteelCloud reconfigured its board of directors. The new five director board will include Brian Hajost and Edward Murchie from the previous board, and they will be joined by Kenneth Merlau, Mark Lister, and James Feigley. Merlau was elected to the position of chairman.

Virginia-based SteelCloud is a developer of mobility computing appliance solutions. SteelCloud designs and architects specialized appliance solutions for mobile computing technologies including BlackBerry Enterprise Server.

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