BELLEVUE, WA--(NewMediaWire - Jul 6, 2016) - CoroWare, Inc. (OTC PINK: COWI) today provided an update on its plan to
increase the Company's authorized common shares.
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.
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.