NEWS Core Wafer Systems finalizes settlement with Sandia Technologies and completes merger into WAFR
A positive step forward for Core Wafer as they put behind them the Intellectual Property lawsuit going on with Sandia Technologies - a mutual agreement has been reached and the lawsuit is now history.
PR Newswire NEW YORK, Sept. 21, 2012 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
About GLX - The Global Listing Exchange The Global Online Investment Community - GLX provides interactive advertising, conference and event coordination, digital IR/PR, journalism, market intelligence, media/marketing, news dissemination, research, video production and ancillary specialty communications services to publicly traded companies worldwide. The GLX Editor's Desk +1 855 GLX INTL | +1 855 459 4685 info@glx.com | www.glx.com
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.
My Favorite Paid chat room with amazing chart setups is The Trading Stock Lounge http://www.thetradingstocklounge.com/
