HOLLYWOOD, Fla. -- (BUSINESS WIRE) -- HOLLYWOOD, FL – COREwafer Industries, Inc. (Pink Sheets: WAFR) a holding company whose wholly owned subsidiary, Core Wafer Systems, Inc. (“CWS”) is the creator of proprietary software with installations worldwide, today announced that it has initiated its uplist process to the OTCQB since posting its financial audit for the Company's 2012 and 2013 year-ends.
With the completion of the audited financial statements, the Company is now filing to become fully reporting. The Board of Directors has elected to file a Form 10 registration statement under the Securities Exchange Act, which automatically becomes effective 60 days after the filing with the SEC, at which point the Company will be fully reporting.
CFO Teresa McWilliams stated, “The Company is excited about this improvement in the market categorization of the company as it relates directly to the improvement in our management and in our level of financial and corporate disclosure to its shareholders. We have worked toward this for some time now, and this uplisting will demonstrate our commitment to our shareholders and in building a great company with great progress on the way. Our current and future shareholders should all be very pleased with this milestone development for the company."
The Company's stock has been trading on the OTC Markets under the "Current Information" tier of the OTC Pinks since November of 2009, providing current and adequate financial statements and corporate reports on a quarterly and annual basis. In late 2013, the Company retained R.R. Hawkins and Associates International, PC, a certified public accounting firm located in Los Angeles, CA and registered with the PCAOB (Public Company Accounting Oversight Board) to perform the 2012 and 2013 audits.
OTCQB companies must be registered with and reporting to the SEC or a U.S. regulatory agency. Approximately 4,000 companies are currently listed on the OTCQB. The Company plans to build on its successful progression in seeking acquisitions, successful rebuilding of our subsidiaries and will continue working towards meeting the listing requirements for trading on the OTCQB with a future seeking a further tier stock exchange such as the AMEX, NYSE, Euronext or NASDAQ.
Cyril Moreau, President and CEO, stated, "Becoming fully audited was among the most significant steps towards moving to a senior exchange and becoming a fully reporting public company. All material adjustments are now reflected according to PCAOB auditing standards.” Mr. Moreau continues to say, "For investors, these plans promise more Company transparency. For us, that same transparency will allow us to graduate to higher markets and in this way increase the Company's visibility among the investing public."
About The PCAOB: The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.
About COREwafer Industries
COREWAFER INDUSTRIES, INC. (WAFR) is a holding company headquartered in Hollywood, FL, that currently operates and manages two subsidiary companies. The goal of WAFR is to strategically acquire businesses with strong growth potential and a solid business plan in the software and technology industries. For information, visit www.corewaferindustries.com.
CORE WAFER SYSTEMS, INC. (CWS), the wholly owned subsidiary and Flagship Company of COREwafer Industries, Inc. (WAFR), creates proprietary software, software algorithms, and hardware that is used in the testing and data mining of the most commonly used computer hard drives, memory, and magnetics; as well as other advanced magnetics, semiconductor and nanotechnology-based device components. For more information, visit www.corewafer.com.
This release may contain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and of Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of COREwafer Industries, Inc. and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully in its market segment, and the ability to complete some or all of the before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.
COREwafer Industries, Inc.
Teresa McWilliams, Chief Financial Officer