SOURCE: CoroWare, Inc

April 25, 2011 09:00 ET

CoroWare, Inc. Reports 2010 Annual Earnings

Revenues Rebound in 4th Quarter After Slow 3rd Quarter Sales

KIRKLAND, WA--(Marketwire - Apr 25, 2011) - CoroWare, Inc. (OTCBB: COWI) today announced its financial results for the year ended on Dec. 31, 2010 ("the 2010 Period").

For the 2010 Period, CoroWare reported revenues of $2,009,563 compared to revenues of $1,988,710 during the year ended December 31, 2009 (the "2009 Period"). Gross Profits decreased to $507,333 during the 2010 Period compared to $599,669 during the 2009 Period.

CoroWare reported revenues of $454,293 in the fourth quarter compared to revenues of $376,648 in the third quarter. Sales recovered in the fourth quarter of 2010 as a result of new customer contracts for lab management, IT consulting and software development.

Gross profits improved during the second half of the 2010 Period as CoroWare increased shipments of HD videoconferencing hardware and software and reduced its consulting services Cost of Revenues.

Total Operating Expenses increased to $1,427,925 for the 2010 period from $1,116,127 in the 2009 period as the Company increased its investment in Research and Development for new CoroWare software and mobile robot solutions; as well as in Sales and Marketing to help promote and sell HD videoconferencing solutions, including CoroCall.

Loss from Continuing Operations before Other Income increased to $920,592 for the 2010 period from $516,458 in the 2009 period as a result of the Company increasing its Total Operating Expenses. During 2010, Loss from Continuing Operations before Other Income was $178,746 in the fourth quarter compared to $346,349 in the third quarter.

Net loss for the 2010 Period was $1,008,884 compared to net loss of $5,199,134 for the 2009 period.

"CoroWare's revenues were lower than expected in the third quarter as customers postponed purchases in IT consulting and HD video conferencing subscription services," said Lloyd Spencer, CEO of CoroWare, Inc. "In the coming year, we plan to further grow revenues, address outstanding debt and legacy convertible debenture obligations, and evaluate potential acquisitions related to CoroWare's mobile robotics and business consulting initiatives."

The full 10K report and all previous reports can be accessed by going to http://www.coroware.com/investor/stockinformation.aspx.

About CoroWare

Headquartered in Kirkland, Washington, CoroWare is a solutions integrator with expertise in affordable telepresence, service oriented business applications, and mobile robotics. CoroWare delivers products, solutions and services to customers worldwide in Europe, Asia, and North America. 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. 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). Coroware undertakes no duty to update these forward-looking statements.

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