Last updated on April 18, 2014 at 17:24 EDT

CoroWare Announces Shareholder Update

July 19, 2012

KIRKLAND, Wash., July 19, 2012 /PRNewswire/ – CoroWare, Inc. (OTCBB: COWID) announced today a shareholder update, including new orders, product shipments, and sales channel activities that we anticipate would contribute positively to the Company’s bottom line.

During the second quarter of calendar year 2012, The CoroWare Business Solutions business unit received new orders for IT consulting, business consulting, and software development projects totaling over $600,000 over the next 12 months. The new orders represent a mixture of new and repeat customer engagements, including desktop configuration, server deployment, and lab operations that support software game development customers.

During the first half of calendar year 2012, CoroWare’s Enhanced Collaboration Solutions business unit:

  • doubled the number of white label resellers of hosted HD videoconferencing subscription services, domestically and internationally, including Israel
  • added 4 new CoroCall® sales representatives and reseller partners in 4 European countries
  • signed an authorized reseller agreement with VidyoCast
  • increased monthly CoroCall HD Video Conferencing subscription service usage and revenues by over 25%

During the first half of calendar year 2012, CoroWare’s Robotics and Automation business unit:

  • increased its product and service revenues by over 40%, compared with the same period in fiscal year 2011
  • shipped CoroBot® Classic and Explorer mobile robots to customers in India, Israel, Malaysia, Singapore, Germany and North America
  • added 4 new CoroBot distribution partners in Europe, Asia and North America
  • delivered ROS Upgrades for existing CoroBot Classic unmanned ground vehicles (UGV) in North America, South America and Asia

In addition, the Company continued to streamline its General and Administration expenses as well as reduce its Sales and Marketing expenses in order to achieve operational profitability.

In July, the Company restructured its equity as a result of effecting a 1-for-200 reverse split of its common stock, thereby improving the Company’s ability to eliminate its legacy convertible debt through a debt-to-equity restructuring process in cooperation with investment banking firms and advisors.

“Our efforts to improve operational profitability and restructure the company’s equity will help put CoroWare in a better position to reduce and extinguish its legacy convertible debt,” said Lloyd Spencer, CEO of CoroWare. “By continuing to improve the Company’s operational profitability, I am confident that our restructuring and recapitalization plans will be successful.”

About CoroWare
Headquartered in Kirkland, Washington, CoroWare is a solutions integrator with expertise in affordable and open mobile robotics; business class video conferencing; and operational business intelligence. Since 2004, CoroWare has delivered mobile robotics consulting services, solutions, and products to customers worldwide in Europe, Asia, and the Americas.

CoroWare is recognized as an innovative mobile robotics solutions integrator in the research community because of its expertise in Robotic Operating System (ROS), robotics simulation, and application development. CoroWare’s CoroBot product line has been shipped to over 86 corporate and academic researchers in over 24 countries worldwide.

In 2012, CoroWare was listed in the RBR50 list of robotics companies to watch by Robotics Business Review. http://www.roboticsbusinessreview.com/site/more_about_the_rbr50

For more information on CoroWare and its products and services, please visit www.coroware.com.

Safe Harbor Statement: This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) (http://www.sec.gov/about/laws/sea34.pdf (Sec.21E p. 223). In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to be materially different from any future performance that may be suggested in this release. CoroWare takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

Investor Relations Contact:
Shanna Gerrard
CoroWare, Inc.
(800) 641-2676, option 3

SOURCE CoroWare, Inc.

Source: PR Newswire