CoroWare Provides Further Clarification on Increased Authorization and Issuance of Shares
Company Reaffirms No Plans for Reverse Stock Split
BELLEVUE, WA--(Marketwired - Jul 18, 2016) - CoroWare, Inc. (OTC PINK: COWI) announced today that the Board of Directors reviewed and approved a revised plan to issue up to 10,000,000,000 common shares beginning in August 2016.
Up to 5,000,000,000 shares will be used for investment into CoroWare, Inc. using either a Series E Preferred Offering, or subject to the terms of a 506 Private Placement Memorandum. Common stock issued for these purposes will be subject to the terms of SEC Rule 144.
Up to 5,000,000,000 may, at management's discretion, be issued to assist in the conversion of various debt instruments into common stock.
CoroWare's Board of Directors does not expect that more than 2,000,000,000 shares will be immediately issued, nor does it expect that more than an additional 2,500,000,000 shares will be issued by the end of this fiscal year.
"We believe that medium-term plan will help extinguish and reduce the Company's legacy debt and attract new long-term investment on more conventional terms," said Lloyd Spencer, president and CEO of CoroWare. "CoroWare's Board of Directors and management team believe that this plan will benefit the interests of current shareholders."
As stated previously, CoroWare's Board of Directors reaffirmed that the Company has no plans for, and is not contemplating, a reverse stock split.
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.
- Technology Incubation: Custom engineering such as Industrial Internet of Things; Augmented Reality visualization and simulation; and mobile robotic 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 visitwww.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.