CoroWare Announces Joint Ventures With Beaufort Mining
February 13 2018 - 07:22AM
InvestorsHub NewsWire
Joint Ventures to Focus on Mining Coal and Rare Earth Element
Recovery R&D
Bellevue, WA -- February 13, 2018 -- InvestorsHub
NewsWire -- CoroWare, Inc. (formerly known as Open Road Shipping,
Inc.) (OTC PINK: COWI) (the "Company"), announce that the Company
is dramatically changing its strategic focus and will focus its
business on the natural resources sector through joint venture
partnerships.
The Company has signed a Joint Venture Agreement with Beaufort
Mining, Inc., owner of Rio Mining Management, LLC, and holder of
the Rio Mine permit, located in Wolfe County, Kentucky. The Company
has also put forward a plan to appoint new management to operate
the joint venture and help develop the Company’s new strategy and
direction.
The Board of Directors of CoroWare took the decision to strategy
and direction because of key changes in America’s demand for coal
and rare earth elements (REEs):
- Strong US export demand for high-quality thermal and
metallurgical coal into Asian markets.
Decreasing coal production in China.
US natural gas price increases also lifting coal prices.
Growth in developing economies driving high demand
The Rio Mine has 16 million metric tons of coal reserves that
can be extracted. Beaufort Mining expects the Rio Mine to restart
production of its quality thermal coal within 90 days and has
already begun discussions with off-take partners and trading firms.
Within 9 months, the Rio Mine is expected to be producing and
shipping 60,000 metric tons per month.
The Company is also seeking to leverage its technological legacy
and focus some of its efforts to conduct research and development
in coal and REE value-added technologies that can be used to
profitably recycle coal processing wastes, tailings, and slags.
The Company intends to establish a Research & Development
Joint Venture to pursue these exciting opportunities,
including:
- Developing Coal-to-Carbon Fiber Technologies and other Advanced
Materials that can be produced using coal.
Extracting REE from spent coal used at power plants or direct from
coal seams.
Pursuing Department of Energy (DOE) grants related to Coal Advanced
Materials and REE extraction methods.
Commercialization of viable products.
Lloyd Spencer, Chairman and CEO of CoroWare, is working with
advisors to build a portfolio of assets in the resource sector,
appoint new management through the joint venture, and develop
opportunities in international locations that will be announced in
the future.
“The Company has been working diligently with an investment
group to help the Company successfully transition its business
through joint venture investment opportunities, similar to the
Beaufort JV, that are focused on the resource sector,” said Mr.
Spencer. “We shall announce more details of our plans for the
Company in the coming weeks.”
As part of the change in strategic focus, the Company will be
appointing new Directors to the Board as significant new
investments are made into the Company
About Beaufort Mining, Inc.
Beaufort Mining, Inc. will focus on mining of coal and
geological ores; rare earth recovery from mineral and coal
processing wastes, and recycling of mine waste materials.
About CoroWare, Inc.
Headquartered in Bellevue, Washington, CoroWare is in the
process of transitioning itself into a global natural resources
company with a focus on coal production and new technologies and
products derived from coal.
Safe Harbor
This release contains statements that constitute 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. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of CoroWare, its directors or its officers with
respect to, among other things: (i) financing plans; (ii) trends
affecting its financial condition or results of operations; (iii)
growth strategy and operating strategy. The words "may," "would,"
"will," "expect," "estimate," "can," "believe," "potential" and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond
CoroWare’s ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors. More information about the
potential factors that could affect the business and financial
results is and will be included in CoroWare’s filings with the
Securities and Exchange Commission.
CoroWare, Inc.Investor Relations and Shareholder InformationPhone: (425) 243-3561 Email: investor@coroware.com
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