COREwafer Industries, Inc. Announces Its 2013 Year in Review and Material Events
(Marketwire Via Acquire Media NewsEdge) HOLLYWOOD, FL -- (Marketwired) -- 02/27/14 --
COREwafer Industries, Inc. (PINKSHEETS: WAFR), a holding company that manages and develops its wholly owned subsidiaries through mergers and acquisitions announces its yearly review and certain other material events for 2013.
Looking back, 2013 was a year of transformation and transition which included four key areas of priority; reestablishing our Mission Statement/Strategy, restructuring our debt, finding investors and structuring the board. The new structure had to be capable of achieving known objectives as well as responding to the market demands, often with short turn-around timeframes. It was also a year of unexpected challenges resulting in delays in the regeneration and marketing of our end-of-life products, and major funding needed for growth and operations.
Board of Directors
COREwafer also expanded its board of directors to 7 members, including the recent additions of Teresa McWilliams, Dale Churchill and Jerald Wrightsil positioning COREwafer Industries with strong guidance and expertise to better deal with the growth and diversification of a company dealing in emerging markets.
The board of directors appointed Cyril Moreau as chief executive officer and president, following the resignation of Gary Polistena. Stepping into the CEO and president roles along with his position on the board will help facilitate leadership continuity as the company continues to navigate through this period of transformation. Cyril possesses decades of software and technology leadership and management expertise which is ideal for ensuring the smooth and orderly execution of the company's strategic plan.
Chief financial officer, Teresa McWilliams, extended her term with the company for another two years until May 31, 2015 and assumed additional responsibilities as the corporate secretary.
During the second half of the year the company was notified about a number of law suits and legal actions being taken against the previous President/CEO of its wholly owned subsidiary, Core Wafer Systems, resulting in joint legal actions against both COREwafer Industries and Core Wafer Systems, Inc. The company is taking every measure to defend itself against these and possible future incidents as a result of past and present actions of CWS' past president/CEO.
In addition to the law suits, the company discovered there is approximately $3.4 million in debt owed by its wholly owned subsidiary, CWS, which was hidden from and otherwise undisclosed to company officials and consultants during and after the merger. The company is working diligently to authenticate and/or dispute these liabilities which include approximately $322,000 owed to the IRS for unpaid payroll taxes and $3.1 million in defaulted short term promissory notes, accounts payable and judgments.
In October the company entered into a Debt Purchase Agreement and increased its authorized common and preferred stock to 775M shares in order to eliminate a portion the company's overall debt.
COREwafer Industries, Inc. 2014 Outlook
According to the 2014 outlook reports for the Technology and Semi-Conductor sectors, 2014 will show a growth of 4% to 7% which confirms our strategy for both our software offers in the semiconductor testing sector and our acquisition strategy into the technology sector. Economists agree that the Asian and US market will grow and the European market will still face obstacles, this is why we will continue to concentrate our efforts in the US and Asia while we will re-visit the European market through the end of the year.
We have created the following slogan to summarize our objectives for 2014
"Achieve Our Targets by Treating Challenges as Opportunities"
Operating under this slogan, our areas of emphasis in 2014 are as follows:
1. Further strengthening of financial results (Cash flow, reduce debt, increase revenue, finalize funding)
2. Growth as a key player in the semiconductor sector with the re-launch of our software
3. Improve customer satisfaction
4. New acquisition(s) in the Technology sector
5. Up listing to the Amex marketplace
About COREwafer Industries
COREWAFER INDUSTRIES, INC. (WAFR) is a holding company headquartered in Hollywood, FL, that develops and manages subsidiary companies in the technology industry. 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), a wholly owned subsidiary and Flagship Company of WAFR, creates proprietary software, software algorithms, and hardware used in testing and data mining of the most commonly used computer hard drives, memory, and magnetics; as well as other advanced magnetics, 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.
Safe HarborThis 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.
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Source: COREwafer Industries
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