BELLEVUE, WA--(NewMediaWire - Feb 9, 2016) - CoroWare, Inc. (OTC PINK: COWI) announced that on February 5, 2016, it
entered into a Forbearance Agreement with YA Global Investments,
L.P., a hedge fund that makes its investments in companies
operating in energy, consumer cyclical and non-cyclical,
communication, basic material, and technology sectors.
Under the terms of the Forbearance Agreement, YA Global and
CoroWare consolidated outstanding convertible notes previously in
default totaling $2,829,690 (principal and interest) owed to YA
Global into a new single consolidated convertible debenture secured
by CoroWare intellectual property and other assets; and YA Global
agreed to refrain from converting the consolidated convertible
debenture or exercising any rights or remedies that they may have
as specified in the new consolidated convertible debenture over a
period ending on April 30, 2016, unless a breach of the Forbearance
Agreement of the new consolidated convertible debenture occurs.
"I am pleased to report that CoroWare and YA Global have reached
accord through this Forbearance Agreement," said Lloyd Spencer,
president and CEO of CoroWare, Inc. "Through this agreement,
CoroWare is furthering its long term plan to restructure and
extinguish convertible debt with the objective of reducing debt and
increasing shareholder value."
In return for YA Global's forbearance, CoroWare has agreed to a
monthly repayment plan that will partially extinguish the unpaid
interest portion comprising the convertible debenture during a
period ending on April 30, 2016, and provide CoroWare with the
opportunity to restructure its outstanding debt in cooperation with
strategic investment partners.
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.