NEW YORK, NY--(Marketwire - Feb 22, 2013) - COREwafer Industries, Inc. (
Total revenues for the year ended December 31, 2012 were $659,350 as compared to $712,231 for the year ended December 31, 2011.
The Company reported a net loss for the year ended December 31, 2012 of $2.3 million. This was an increase of approximately $1.6 million when compared to a net loss of $651,000, for the year ended December 31, 2011. The increase in net loss is primarily attributable legal, professional, and consulting fees in the approximate amount of $935,000; Board compensation in the amount of approximately $322,000; payroll of approximately $796,000; fees of approximately $500,000 associated with the cost to acquire financing commitments; and approximately $419,000 in depreciation and loss on disposal of assets.
Current assets at December 31, 2012 were $713,261 compared to $346,867 for the year ended December 31, 2011 and total assets increased to $14,213,921; an overall increase of $13.3 million for the year ended December 31, 2011. There was an increase in shareholders' equity of approximately $8 million for the year. The increase in assets and shareholders' equity is primarily attributable to the acquisition of Core Wafer Systems, Inc., a wholly owned subsidiary.
Open sales orders of $315,000 are expected to be invoiced and collected by the end of the first quarter of 2013.
With funding on the horizon from the anticipated filing of the Form A1 our projected revenue from the new software from CWS is $108M over the next 3-5 years with a roughly 50% profit margin. With this funding CWS has the potential to do $10-12M in gross profit, which translates to roughly $8-10M in net profits with current overhead from operations.
Words from Gary Polistena, CEO of Core Wafer Industries:
"We have continued to post our quarterly and annual financial statements and are a member in good standing on the OTC Markets Pink Current Information tier. Investors looking to find the latest information can visit our website or OTC Markets at http://www.otcmarkets.com/stock/WAFR/. Our stock structure continues to be maintained through careful consideration of funding opportunities, and we are moving toward filing of our Form 1A. We will not comment on speculation related to partnerships that are in negotiations or products at the planning phase and have not been made public. As we have material information available, and continue to grow the business, we will make announcements related to products, contracts, and business deals that will continue the expansion of the company and provide increased value to investors and shareholders."
About COREwafer Industries, Inc.
COREwafer Industries, Inc. (
Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as its future results of operations and financial condition. Such risks include, but are not limited to, the effects of competition with existing enterprises and/or new entrants into the company's markets and industries, fluctuations in currency exchange rates, domestic and global economic conditions generally, the company's ability to obtain financing and attract suitable personnel where required to fully implement its business plan, the adoption and acceptance by the marketplace of the company's technologies and product and service offerings, the possibility of new technologies that are competitive with the company's planned product and service offerings and the effects of future political and economic developments both in the United States and abroad, among others. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of information, future events or otherwise.