COREwafer Industries, Inc. Secures Additional Short Term $5M Funding From AGS Capital Group, LLC Meeting an increase in consumer demand is one of the important reasons for executing on an immediate cash infusion.
NEW YORK, Nov. 7, 2012 /PRNewswire/ -- COREwafer Industries, Inc. (OTC Pink: WAFR), a technology leader in semiconductors, reports that they have finalized on a $5 million financing agreement with financing partner, AGS Capital Group, LLC. This financing agreement is based on a Reg-A filing with financing that will allow Corewafer to meet its short term capital needs. This funding will cover costs stemming from the audit and costs from the creation and filing of the S-1, upon which Corewafer will be able to utilize the previously announced $10M in financing.
With this funding in place, Corewafer Industries will delegate monies to Core Wafer Systems (acquired by Corewafer October 2012) in order to execute against their near-term business plan with a focus on the silicon testing industry and associated product lines.
Placing focus on:
Lease of additional hardware testing units to expand the testing footprint of their software in order to widen the customer base;
PDQ-WARP – Prioritize customer requests into work queue for development in Q4 2012 and Q1 2013;
PDQ-WLR 7 - Re–engage critical resources necessary to complete the final stage in development and testing of the upcoming release;
ASUR-SDR – Introduce enhancement requests from prospective Fortune 1000 semiconductor manufacturers;
Increase sales staff and pre-sales consulting efforts targeting close to 80% of deals where budgetary quotes were issued in 2012;
Increase billable hours through post-sales consulting efforts with existing international clients;
Begin search for a Chief Technology Officer (CTO) with efforts focused on evangelism and re-engaging international hardware manufacturers in OEM agreements; and
Solidify the company's foothold beyond 2015 in the Fortune 1000 customer base as EOSL Agilent equipment ages out of the environment.
At Core Wafer, we believe our products are still well ahead of the competition in analysis, speed, and quality; and believe customers will continue to adopt Core Wafer software across product lines in 2013.
Gary Polistena, CEO of Core Wafer Industries:
"AGS Capital Group has faith in Core Wafer Industries, as shown by this funding infusion. I believe that our growth prospects and ability to demonstrate strong return on investment is what drew AGS Capital Group into this agreement. Our short term cash needs will be met by this equity financing. Through diligent use of these funds, we will be able to pay debt, shift additional funds into Core Wafer Systems for execution of increased customer requests, fund additional improvements within NEEL, and prepare our audited financial statements for our Form S-1 and subsequent uplisting to a '34 Act fully reporting company. With these funds we will be able to deliver higher returns to shareholders and improve the overall value of the company."
Allen Silberstein, CEO of AGS Capital Group comments:
"AGS Capital Group provides flexible equity financing solutions for growth-stage and mature public companies as well as private companies looking to go public," states Allen Silberstein, CEO of AGS Capital Group. "We analyze the overall company including credit risk, market trends, and business opportunities prior to selecting organizations to fund. My management team and I felt that Core Wafer Industries has the growth and prospects necessary to not only utilize this funding, but to provide a significant rate of return back into AGS Capital Group."
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 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.