REDMOND, Wash., Feb. 22, 2010 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:COWI) wishes to offer its shareholders an update on its business and its outlook for 2010.
CoroWare was established in 2004 with the vision of not only becoming a traditional systems integrator, but also a pacesetter that would offer services, solutions and products in innovative areas such as mobile robotics and affordable telepresence.
We are proud to announce that we have achieved many of our goals in spite of very significant challenges that came to us when Innova Holdings acquired CoroWare in 2006, and the Company encountered a deep recession that began in 2008 and persists with us today.
In spite of these challenges, CoroWare has successfully:
- established and grown long-term relationships with major account customers in North America and Europe
- shipped CoroBot® and Explorer mobile robots to over a dozen universities in North America, Europe, and Asia
- launched CoroCall™, an affordable telepresence service that can help small and large organizations reduce travel expenses, improve collaboration, and increase productivity
- streamlined its operations and brought General and Administrative expenses in line with revenues
Having accomplished these goals, the Company is looking forward to building on its success and delivering value to its shareholders in 2010 by fostering managed growth and rebuilding the Company's financial foundation.
In order to foster managed growth in 2010, the Company has segmented its business into three business units that have distinct growth markets, products and services, and financial objectives:
- CoroWare Business Solutions: IT Consulting and software development services
- Robotics and Automation: mobile robotics products and services
- Telepresence: affordable high definition videoconferencing products and services
The Company intends to rebuild and reinforce its financial foundation by achieving profitability, reducing debt, increasing working capital with a range of prospective finance partners, and attracting long term investment in the Company.
In closing, we anticipate that 2010 will be an exciting year for CoroWare, and we wish to thank our shareholders for their loyalty and support.
About CoroWare
Headquartered in Redmond, Washington, CoroWare is a solutions integrator with expertise in mobile robotics and affordable telepresence. For more information on CoroWare's products and services, please visit www.coroware.com.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
About CoroCall
CoroCall is an economical high-definition videoconferencing service that connects up to 50 people using affordable videoconferencing room systems and personal computers over existing high-speed broadband networks. Built on Vidyo's (™) patented, award-winning software platform, CoroCall can support 2 to 50 users in a single videoconference room.
There are no contracts to sign, and subscriptions are billed monthly; custom packages are available for enterprise deployments. In addition to video and audio conferencing, CoroCall subscribers have access to additional services that let them broadcast videoconference sessions to web audiences, or store and edit videoconference sessions.
For more information on CoroCall, please visit http://www.corocall.com.
This press release is written using forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995: http://www.sec.gov/about/laws/sea34.pdf (Sec. 21E p. 223). Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.