BELLEVUE, WA - (NewMediaWire) - January 12, 2016 - CoroWare, Inc. (OTC PINK: COWI) announced that it entered into a Forbearance and Settlement Agreement with Blackbridge Capital, LLC, a hedge fund focused on structured debt, equity and real estate investments.
Under the terms of the Forbearance and Settlement Agreement, Blackbridge Capital will refrain from converting their convertible notes or exercising any rights or remedies that they may have as specified in the convertible note agreements, unless a breach of the Forbearance and Settlement Agreement occurs.
"I am pleased to report that CoroWare and Blackbridge have reach accord through this Forbearance and Settlement Agreement," said Lloyd Spencer, president and CEO of CoroWare, Inc. "Through this agreement, CoroWare has begun its long term plan to extinguish convertible debt with the objective of reducing debt and increasing shareholder value."
In return for Blackbridge Capital's forbearance, CoroWare has agreed to a structured repayment plan that will extinguish the convertible notes over a 20 week period.
About Coroware, Inc.
Coroware, Inc., headquartered in Bellevue, Washington, is a diversified technology and solutions company with expertise in:
- Business Consulting Services: R&D engineering services, business process workflow, software architecture, design and development, content management, console, PC and online game production, marketing coordination and management.
- Robotics and Automation: Custom engineering such as visualization, simulation and software development, mobile robot platforms for university, government and corporate researchers.
CoroWare's customers are located in North America, Europe, Asia and the Middle East, spanning multiple industry sectors. CoroWare partners with universities, software and hardware product development companies and non-profit organizations. 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. 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.