NEW YORK, Sept. 21, 2012 /PRNewswire/ -- COREwafer
Industries, Inc. (OTC Pink: WAFR) reports that the acquisition of
Core Wafer Systems, a technology leader in semiconductor testing,
will soon be completed. Core Wafer Systems has reached a settlement
agreement related to the intellectual property lawsuit with Sandia
Technologies. Although Core Wafer Systems believes that it
would have ultimately prevailed in the lawsuit, the company has
chosen to settle and not continue the litigation.
This settlement puts to rest the ownership issues of the
intellectual property arising from Core Wafer's purchase agreement
of Sandia Technologies and gives Core Wafer
Systems complete transfer of Sandia Technologies rights
and ownership of all intellectual property in question.
COREwafer Industries can now move quickly ahead with the filing of
paperwork with state and regulatory bodies regarding its
acquisition of Core Wafer Systems that were previously on hold,
pending this settlement.
Roger Goetz, CEO of Core Wafer
Systems welcomes the settlement and expresses, "Now that we have
moved beyond these IP issues, we can work toward finalizing the
internal projects that were awaiting this settlement. Inside
of Core Wafer, we have been moving forward with advances within
this same intellectual property space, and I believe that our
customers will find great value with these advances. I'm
looking forward to the filing of the final paperwork related to the
acquisition process by COREwafer Industries, Inc."
Gary Polistena, CEO of COREwafer
Industries also comments on these latest developments, "Clearing up
all of these outstanding issues has been one of our top
priorities," states Gary
Polistena. "We needed to be sure that all legal
obstacles were eliminated related to this transaction, and as they
are now resolved, we can now issue stock to Core Wafer Systems and
execute and file the merger certificates for the acquisition of
Core Wafer Systems. We're working very hard behind the scenes
to execute on our announced plans, and we will continue to keep our
shareholders updated as we can. Due to specific
non-disclosure requirements, we have been unable to notify
shareholders of all issues impacting the company; however I am glad
that many have stayed with us throughout the acquisition
process. We continue to keep our filings and financials
current and will continue forward with seeking listing on a higher
exchange as discussed."
About COREwafer Industries, Inc.
Company Web Site:
http://www.corewaferindustries.com
Company Twitter: https://twitter.com/CoreWafer
Company Facebook page:
http://www.facebook.com/corewafer
COREwafer Industries, Inc. (OTC Pink: WAFR.PK) is the parent
company of North East Expedite Logistics, a Transportation company;
and Core Wafer Systems, Inc., a technology leader with their
propriety measurement schema for physical phenomena of
semiconductor structures.
Please refer all shareholder inquiries to Corewafer Investor
Relations via Twitter @Corewafer, via Facebook
http://www.facebook.com/corewafer, or by emailing
investor@corewaferindustries.com
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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.