U.S. Markets closed

COREwafer Industries, Inc. Rescinds Agreements With AGS Capital Group, LLC

PEMBROKE PARK, FL--(Marketwired - Jul 25, 2013) - COREwafer Industries, Inc. ( PINKSHEETS : WAFR ) ("COREwafer Industries"), a holding company for the creator of 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, announced today that it has provided formal notice to terminate the $10 million and $5 million reserve equity financing agreements entered into on April 18, 2012 and October 23, 2012, respectively, with AGS Capital Group, LLC ("AGS") in accordance with the renewed corporate direction outlined in the company's 2013-2015 Strategic Plan under the guidance of the company's new President and CEO, Cyril Moreau, and the Company's board of directors.

AGS did not render any services to the Company or purchase any shares of our common stock pursuant to the terms in the financing agreements. Our cancellation notice to AGS provided for the return of 3,847,797 shares, which were issued pursuant to the financing agreements, including dividend shares. 

We are pursuing other more favorable financing for our capital needs.

For further information regarding the company's 2013-2015 Strategic Plan please visit http://corewaferindustries.com/ or contact Teresa McWilliams, CFO at 866-793-1110 or by email at t.mcwilliams@corewaferindustries.com

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, and telecom. For information, visit www.corewaferindustries.com.

CORE WAFER SYSTEMS, INC. (CWS), the wholly owned subsidiary 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. Core Wafer technology is capable of performing in-parallel measurements allowing customers to test components many times faster than a non-parallel process. CWS has an install base of over 800 clients and 1,500 installed systems on HP, Keithley, and Agilent Test hardware. For more information, visit www.corewafer.com.

Safe Harbor
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.