BELLEVUE, WA--(NewMediaWire- 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 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.