REDMOND, Wash., March 31, 2009 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:CROE), a provider of personal telepresence, software automation and mobile robotics solutions announced today that it has implemented additional measures to reduce operating expenses in order to mitigate the risks associated with the current economic environment.
These measures include a ten percent salary rollback for all executives and employees and significantly reduced compensation for the Board of Directors of the Company.
In addition, CoroWare announced an employee sales incentive program which will offer employees an opportunity to earn bonus awards for referring customers and securing customer contracts.
"CoroWare continues to remain focused on the execution of its strategic objectives of operating profitability and modest growth in 2009," said Lloyd Spencer, CEO of CoroWare. "These measures will provide the Company with greater flexibility to achieve those objectives within the context of an increasingly challenging economic environment."
CoroWare undertook these measures to better manage the potential risks associated with growing economic uncertainty and expects an associated reduction in annual operating expenses of approximately $175,000.
About CoroWare
Headquartered in Redmond, WA with employees and partners around the world, CoroWare Technologies is a company built on integrity, ingenuity, and good old-fashioned hard work. CoroWare specializes in providing communication and automation products and services to optimize the technology investments of enterprise customers. Offering a broad spectrum of customized customer-focused solutions, including telepresence, robotics development and IT lab management, CoroWare combines the flexibility of a small company with international resources to design the right-sized solution at the right price. CoroWare experts understand the challenges companies face to keep business running smoothly, meet project deadlines, implement innovative ideas and stay within budget. For more information about CoroWare's services and products please visit www.coroware.com .