HOLLYWOOD, FL--(Marketwired - Oct 7, 2013) - COREwafer Industries, Inc. (
Management of COREwafer Industries has determined that significantly lowering our market cap the company will be better positioned to take advantage of strategic opportunities to upgrade and develop innovative software products to serve our target and existing customers.
COREwafer Industries will issue to shareholders who wish to participate in the exchange program, Series B Preferred Stock, with a face value of $.50. Each shareholder shall receive 1 share of Series B Preferred Stock for each 34 shares of common stock exchanged (for an effective price of $.015 per common share or 150% increase from the closing market price on September 30, 2013). Any fractional shares shall be rounded up.
The Series B Preferred Stock shall be mandatorily converted by COREwafer Industries no later than January 31, 2016. The conversion ratio shall be equal to $.50 divided by the closing market price on the date of conversion.
Cyril Moreau, CEO of COREwafer Industries, Inc., states, "Management has a long-range plan to build a company based on fundamentals and bring real value to our shareholders. We know many of you have heard this before and we fully understand the frustration that our shareholders may have but in the coming months, you will see that our actions will reflect our stated intentions in deploying our business plan and strategies as we keep you abreast of the company's progress.
About COREwafer Industries
COREWAFER INDUSTRIES, INC. (WAFR) is a holding company headquartered in Pembroke Park, FL, that currently oversees and manages two subsidiary companies across various industries. The goal of WAFR is to strategically acquire businesses with strong growth potential and a solid business plan in various industries including consumer goods, software and technology. For information, visit www.corewaferindustries.com.
CORE WAFER SYSTEMS, INC. (CWS), the wholly owned subsidiary and Flagship Company of COREwafer Industries, Inc. (WAFR), creates proprietary software, software algorithms, and hardware that is used in the testing and data mining of the most commonly used computer hard drives, memory, and magnetics; as well as other advanced magnetic, semiconductor and nanotechnology-based device components. CWS has an install base of over 800 clients and 1,500 installed systems on HP, Keithley, and Agilent Test hardware.
This release may contain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and of Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of Corewafer Industries, Inc. and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully in its market segment, and the ability to complete some or all of the before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.