COREwafer Industries, Inc. Finalizing Merger with Core Wafer Systems, Inc.
The acquisition of Core Wafer Systems, Inc. by COREwafer Industries, Inc. is coming to a close as the state filings are being submitted this week in Nevada and New York.
NEW YORK, Oct. 22, 2012 /PRNewswire/ -- COREwafer Industries, Inc. (OTC Pink: WAFR) reports that the merger filings, related to the acquisition of Core Wafer Systems, Inc., a technology leader in semiconductor testing, will be sent to the State of Nevada and the State of New York, respectively, this week.
These filings will finalize the acquisition process that included the settlement of the Sandia Technologies lawsuit and the full analysis of Core Wafer Systems' customers and books & records, as well as the reworking of the corporate share structure to ensure that the acquisition would be fair to COREwafer Industries, its employees, and its shareholders.
Roger Goetz, CEO of Core Wafer Systems comments on the acquisition and expresses, "Now that we are filing the Articles of Merger and the Certificate of Merger, we can begin operation as one public entity and put in place many initiatives that had been on hold. I look forward to being able to update shareholders on corporate and product announcements as we are able."
Gary Polistena, CEO of COREwafer Industries also comments on these events, "Completing this filing brings to a close this chapter in our company's history. The merger process took longer than we had initially planned due to a number of unexpected factors, but we worked through each one of them in order to finalize the acquisition, as we had promised shareholders; and ultimately we've cleared up a number of long-standing issues in the process. Now we are obtaining all parties signatures and will complete the filings this week with the appropriate entities."
Mr. Polistena on COREwafer Industries' future plans, "As stated in the past, we look to deliver on all promises to our shareholders, and now that we have executed on this merger we will continue to keep financials current and continue forward with expanding business through our $10M line of credit, file the registration statement on Form S-1 and seek listing on a higher exchange as discussed."
About COREwafer Industries, Inc.
COREwafer Industries, Inc. (OTC Pink: WAFR.PK) is currently the parent company of North East Expedite Logistics, a Transportation company; and imminently the parent of Core Wafer Systems, Inc., a technology leader with their propriety measurement schema for physical phenomena of semiconductor structures.
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Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as its future results of operations and financial condition. Such risks include, but are not limited to, the effects of competition with existing enterprises and/or new entrants into the company's markets and industries, fluctuations in currency exchange rates, domestic and global economic conditions generally, the company's ability to obtain financing and attract suitable personnel where required to fully implement its business plan, the adoption and acceptance by the marketplace of the company's technologies and product and service offerings, the possibility of new technologies that are competitive with the company's planned product and service offerings and the effects of future political and economic developments both in the United States and abroad, among others. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of information, future events or otherwise.
SOURCE COREwafer Industries, Inc.
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