CoroWare Provides Update on Plan to Increase Authorized Shares
Company Reaffirms No Plans for Reverse Stock Split
On July 5, 2016, the Company filed a Form DEF-14C with the Securities and Exchange Commission in order to increase the Company's authorized common shares from 13,000,000,000 common shares to 35,000,000,000 common shares.
CoroWare's Board of Directors and management team believe that this plan will protect the interests of current shareholders, help extinguish legacy convertible debt, and provide the Company with the means of attracting new long term investment.
In addition, CoroWare's Board of Directors reaffirmed that the Company has no plans for, and is not contemplating, a reverse stock split.
The Company expects to extinguish existing convertible notes using a combination of debt-to-equity conversions, and equity line of credit (ELOC) facilities with more favorable debt-to-equity conversion terms.
Lloyd Spencer, president and CEO of CoroWare, recently gave an interview to Uptick Newswire to address questions from shareholders.
We invite you to listen to the Uptick Newswire podcast by visiting the following web link:https://upticknewswire.com/lloyd-spencer-president-ceo-with-coroware-inc-talk-about-increase-in-authorizing-common-shares/
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 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.