BELLEVUE, WA -- (Marketwired) -- 01/12/16 -- CoroW
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Posted On: 01/12/2016 8:39:07 AM
BELLEVUE, WA -- (Marketwired) -- 01/12/16 -- CoroWare, Inc. (OTC PINK: COWI) announced that it entered into a Forbearance and Settlement Agreement with Blackbridge Capital, LLC, a hedge fund focused on structured debt, equity and real estate investments.
Under the terms of the Forbearance and Settlement Agreement, Blackbridge Capital will refrain from converting their convertible notes or exercising any rights or remedies that they may have as specified in the convertible note agreements, unless a breach of the Forbearance and Settlement Agreement occurs.
"I am pleased to report that CoroWare and Blackbridge have reach accord through this Forbearance and Settlement Agreement," said Lloyd Spencer, president and CEO of CoroWare, Inc. "Through this agreement, CoroWare has begun its long term plan to extinguish convertible debt with the objective of reducing debt and increasing shareholder value."
In return for Blackbridge Capital's forbearance, CoroWare has agreed to a structured repayment plan that will extinguish the convertible notes over a 20 week period.
Under the terms of the Forbearance and Settlement Agreement, Blackbridge Capital will refrain from converting their convertible notes or exercising any rights or remedies that they may have as specified in the convertible note agreements, unless a breach of the Forbearance and Settlement Agreement occurs.
"I am pleased to report that CoroWare and Blackbridge have reach accord through this Forbearance and Settlement Agreement," said Lloyd Spencer, president and CEO of CoroWare, Inc. "Through this agreement, CoroWare has begun its long term plan to extinguish convertible debt with the objective of reducing debt and increasing shareholder value."
In return for Blackbridge Capital's forbearance, CoroWare has agreed to a structured repayment plan that will extinguish the convertible notes over a 20 week period.
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