CoroWare Announces Plan to Increase Authorized Shares
First Step Toward Extinguishing Legacy Convertible Debt and Attracting New Investment
BELLEVUE, WA--(Marketwired - Jun 16, 2016) - CoroWare, Inc. (OTC PINK: COWI) today announced that it has filed a PRE-14C with the Securities and Exchange Commission in order to increase the Company's authorized common shares.
CoroWare's Board of Directors voted unanimously to increase the Company's authorized common shares from 13,000,000,000 common shares to 35,000,000,000 common shares.
In accordance with CoroWare's goal of increasing profitability, extinguishing legacy convertible debt, and increasing shareholder value, CoroWare's Board of Directors and management team believe that this plan will protect the interests of current shareholders as best possible as the Company considers the use of:
- debt-to-equity conversions for existing convertible notes
- equity line of credit (ELOC) facilities with more favorable equity conversion terms
As well, CoroWare's Board of Directors reaffirmed that the Company has no plans for, and shall not contemplate, a reverse stock split until 90% of the Company's legacy convertible debt has been extinguished, or refinanced in a manner that benefits the Company and its shareholders.
"We believe that this plan will both protect the interests of current shareholders and provide the Company with the means attracting new investment," said Lloyd Spencer, president and CEO of CoroWare. "While we cannot make any guarantees that these steps will be successful, we believe that they are necessary for attracting new investment, achieving sustainable profitability, and continued growth in fiscal years 2016 and 2017."
About CoroWare, Inc.
CoroWare, Inc., headquartered in Bellevue, Washington, is a diversified technology and solutions company with expertise in:
- Business Consulting Services: R&D engineering services, business process workflow, software architecture, design and development, content management, console, PC and online game production, marketing coordination and management.
- Robotics and Automation: Custom engineering such as visualization, simulation and software development, mobile robot platforms for university, government and corporate researchers.
CoroWare's customers are located in North America, Europe, Asia and the Middle East, spanning multiple industry sectors. CoroWare partners with universities, software and hardware product development companies and non-profit organizations. For more information, please visit www.coroware.com.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.