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WOODINVILLE, Wash., July 22, 2021 /PRNewswire/ -- CoroWare Inc. (OTC: COWI) announces that it has entered into a Mutual Release and Settlement Agreement with YA Global Investments, L.P. ("YA Global"), an alternative investment manager and provider of specialty financing solutions, based in New Jersey.
"Reaching a final settlement with YA Global is a critically important step that will greatly help CoroWare attract new investors," said Lloyd Spencer, chairman and CEO of CoroWare. "Through this agreement, CoroWare is furthering its plan to produce economically sustainable hydrogen and high-value carbon products and increase long-term shareholder value."
CoroWare is adjusting its business model to address the global need for efficient, sustainable waste management solutions. The Company will use proven technologies to process organic waste into hydrogen and high-value carbon products for customers in the automotive, aviation, medical and construction industries, as well as supply its Carbon Nanotubes (CNTs) for the next-generation of clean energy transportation.
Under the terms of the Mutual Release and Settlement Agreement, signed July 21, 2021, YA Global shall extinguish $5,192,491.50 of principal and accrued interest and release all claims against CoroWare in exchange for an aggregate of 2,250,000,000 shares of CoroWare's common stock that may be issued using one or more conversion notices.
About CoroWare Inc.
CoroWare Inc. (OTC: COWI), headquartered in Woodinville, Washington, is in the early stage of transitioning into a resource reclamation company that will process organic wastes and generate economically sustainable hydrogen and high-value carbon products.
For more information, please visit www.CoroWare.com.
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. The ability of the Company to complete and file its Fiscal Year 2016 annual report on Form 10K relies on third parties to complete their activities. 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.
CoroWare Investor Relations
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SOURCE CoroWare Inc.