BELLEVUE, WA--(NewMediaWire - Jan 12, 2016)
- CoroWare, Inc. (OTC
PINK: COWI) announced that it entered into a Forbearance
and Settlement Agreement with Blackbridge Capital, LLC, a hedge
fund focused on structured debt, equity and real estate
investments.
Under the terms of the Forbearance and Settlement Agreement,
Blackbridge Capital will refrain from converting their convertible
notes or exercising any rights or remedies that they may have as
specified in the convertible note agreements, unless a breach of
the Forbearance and Settlement Agreement occurs.
"I am pleased to report that CoroWare and Blackbridge have reach
accord through this Forbearance and Settlement Agreement," said
Lloyd Spencer, president and CEO of CoroWare, Inc. "Through this
agreement, CoroWare has begun its long term plan to extinguish
convertible debt with the objective of reducing debt and increasing
shareholder value."
In return for Blackbridge Capital's forbearance, CoroWare has
agreed to a structured repayment plan that will extinguish the
convertible notes over a 20 week period.
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.
Forward-Looking Statement
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.