HOLLYWOOD, Fla.--(BUSINESS WIRE)--COREwafer Industries, Inc. (Pink Sheets: WAFR) a holding company whose wholly owned subsidiary, Core Wafer Systems, Inc. (“CWS”) is the creator of proprietary software with installations worldwide, today announced that they have identified four acquisition targets. The Company is in the last stages of negotiations before preparing the final Letters of Intent detailing the terms of the acquisitions. In order to enhance the value of these acquisitions, management has determined that it will be necessary to do a reverse stock split. Details of the reverse stock split will be announced within the next two weeks.
Cyril Moreau, President and Chief Executive Officer of WAFR, commented, “We have elected to effect a reverse stock split to further our efforts at becoming a fully reporting company by up listing onto the OTCQB. We believe these acquisitions will strengthen our financial objectives and increase our footprint in the Software/Technology Sector and provide benefits to our shareholders by enhancing long-term shareholder value.”
About COREwafer Industries
COREWAFER INDUSTRIES, INC. (WAFR) is a holding company headquartered in Hollywood, FL, that operates and manages subsidiary companies. The goal of WAFR is to strategically acquire businesses with strong growth potential and a solid business plan in the software and technology industries. For information, visit our new website at www.corewaferindustries.com.
CORE WAFER SYSTEMS, INC. (CWS), a wholly owned subsidiary and Flagship Company of COREwafer Industries, Inc. (WAFR), creates proprietary software and software algorithms used in the 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. For more information, visit www.corewafer.com.
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.
|COREwafer Industries, Inc.|
|Teresa McWilliams, Chief Financial Officer|