WAFR News .04 COREwafer Industries, Inc. Secure
Post# of 145218
WAFR News .04
COREwafer Industries, Inc. Secures Additional Short Term $5M Funding From AGS Capital Group, LLC
2012-11-07 08:00 ET - News Release
Meeting an increase in consumer demand is one of the important reasons for executing on an immediate cash infusion. NEW YORK , Nov. 7, 2012 /PRNewswire/ -- COREwafer Industries, Inc. (OTC Pink: WAFR), a technology leader in semiconductors, reports that they have finalized on a $5 million financing agreement with financing partner, AGS Capital Group, LLC. This financing agreement is based on a Reg-A filing with financing that will allow Corewafer to meet its short term capital needs. This funding will cover costs stemming from the audit and costs from the creation and filing of the S-1, upon which Corewafer will be able to utilize the previously announced $10M in financing. With this funding in place, Corewafer Industries will delegate monies to Core Wafer Systems (acquired by Corewafer October 2012 ) in order to execute against their near-term business plan with a focus on the silicon testing industry and associated product lines. Placing focus on: Lease of additional hardware testing units to expand the testing footprint of their software in order to widen the customer base; PDQ-WARP – Prioritize customer requests into work queue for development in Q4 2012 and Q1 2013; PDQ-WLR 7 - Re–engage critical resources necessary to complete the final stage in development and testing of the upcoming release; ASUR-SDR – Introduce enhancement requests from prospective Fortune 1000 semiconductor manufacturers; Increase sales staff and pre-sales consulting efforts targeting close to 80% of deals where budgetary quotes were issued in 2012; Increase billable hours through post-sales consulting efforts with existing international clients; Begin search for a Chief Technology Officer (CTO) with efforts focused on evangelism and re-engaging international hardware manufacturers in OEM agreements; and Solidify the company's foothold beyond 2015 in the Fortune 1000 customer base as EOSL Agilent equipment ages out of the environment. At Core Wafer, we believe our products are still well ahead of the competition in analysis, speed, and quality; and believe customers will continue to adopt Core Wafer software across product lines in 2013.
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