BELLEVUE, WA--(Marketwired - Jan 17, 2017) - CoroWare, Inc. (OTC PINK: COWI) today issued the following shareholder update letter from Lloyd Spencer, CEO and Chairman.
To our valued Shareholders:
As President and CEO of CoroWare, I want to thank you for your continued patience and support. This shareholder update will summarize our transition plans for fiscal year 2017.
CoroWare achieved remarkable growth in 2015 and 2016 despite several difficult financial challenges, which resulted in CoroWare commencing to cease operations of its subsidiaries in November 2016.
Since then, CoroWare was approached by an investment group to help the company successfully transition its business through joint venture investment opportunities in rapid growth industries.
One of the joint venture investment opportunities that CoroWare has been pursuing is related to the logistics and transportation industry, including third-party logistics management, brokerage and order fulfillment, shipping and warehousing, supply chain management, and transportation asset tracking.
According to the U.S Department of Transportation, the trucking industry is highly fragmented, with over 90 percent of 110,000 carriers managing a fleet of 6 or fewer trucks, and more than 97 percent of carriers managing 20 or fewer trucks. In addition to industry fragmentation, increased requirements for liability insurance and regulatory compliance has created opportunities for consolidation of smaller carriers and streamlining costs through the adoption of web-based logistics management tools.
To address this market opportunity, CoroWare and its investment partner intends to cooperatively launch a joint venture which will acquire traditional carrier and brokerage service businesses, as well as start-ups that are revolutionizing the logistics and transportation industry with products and services based on disruptive technologies such as mobile-based freight brokering and Industrial Internet of Things (IIoT) for freight tracking and monitoring.
During this transition period, CoroWare is reorganizing its business and has been and is now actively seeking joint venture opportunities with private companies engaged in shipping, logistics and related services and products,
I want to thank our Shareholders for their continued support, and we look forward to reporting our progress to our Shareholders as we continue to execute on our plans.
President and CEO
About Coroware, Inc.
Coroware, Inc., headquartered in Bellevue, Washington. CoroWare is reorganizing its business and is now actively seeking joint venture opportunities with private companies engaged in shipping, logistics and related services and products.
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.