COREwafer Industries Announces Reverse Stock Split
COREwafer Industries Announces 1-for-150 Reverse Stock Split
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 it has filed for a 1-for-150 reverse stock split. This is the final milestone for the company as it now prepares to file for its OTCQB listing. The effective date of this split is August 28, 2014.
Cyril Moreau, Chief Executive Officer of WAFR, commented, “We have elected to effect a reverse stock split as part of our efforts to becoming a fully reporting company by up listing onto the OTCQB in order to better align the stock price with the company’s accomplishments and financial objectives. We believe this transaction will broaden our shareholder base and increase the appeal of the stock to institutional investors. Further, it should provide benefits to our shareholders by enhancing long-term shareholder value.”
As of the effective date, the Company’s common stock will trade under the symbol “WAFRD” for a period of 20 trading days as a result of the reverse stock split, and common shares will also trade under a new CUSIP number.
Shareholders are not required to send in their current certificates for exchange. Following the reverse stock split, each stock certificate representing issued and outstanding shares of common stock will represent a fewer number of shares. The Company’s shareholders of record will receive a letter of transmittal and instructions from the transfer agent, VStock Transfer, regarding procedures for submitting their stock certificates in connection with the reverse split. Those shareholders holding common stock in “street name” will receive instructions from their broker if they need to take any action in connection with the reverse split. In the meantime, each outstanding certificate that represented shares of common stock of WAFR prior to the Reverse Split will thereafter represent shares of common stock in the post-split amount.
About COREwafer Industries
COREWAFER INDUSTRIES, INC. (WAFR) is a holding company headquartered in Hollywood, FL, that currently 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 www.corewaferindustries.com.
CORE WAFER SYSTEMS, INC. (CWS), the wholly owned subsidiary and Flagship Company 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 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