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COREwafer Industries Announces Successful Completion of Financial Statement Audit
Independent Audit Conducted for the Two Years Ended December 31, 2013 and 2012
|By Marketwired .
|July 14, 2014 08:11 AM EDT
HOLLYWOOD, FL -- (Marketwired) -- 07/14/14 -- COREwafer Industries, Inc. (PINKSHEETS: WAFR) (www.COREwaferindustries.com), a holding company whose wholly owned subsidiary, Core Wafer Systems, Inc. ("CWS") is the creator of proprietary software with installations worldwide, announced the successful completion of the audit of its financial statements for the two years ended December 31, 2013 and 2012. The audit was performed by an independent CPA firm registered with the PCAOB (Public Company Accounting Oversight Board). The completed audit report can be viewed at www.pinksheets.com.
The audited financial statements include the operating results and financial position of the Company and its wholly owned subsidiaries Core Wafer Systems, Inc. and Northeast Expedite Logistics, LLC.
As of December 31, 2013, the Company's audited Consolidated Balance Sheet reported total stockholders' deficit of approximately $5,087,000, an increase of $3,400,000 as compared to the Company's previously announced unaudited statements. The increase resulted from an impairment of goodwill and other intangible assets.
For the year ended December 31, 2013, the Company's audited Statement of Operations reported a net loss of approximately $765,000, an increase of $3,400,000 when compared to the unaudited statements. This increase resulted principally from the recording of a non-cash charge for impairment of goodwill of approximately $3.4 (See below).
The Company recorded goodwill of approximately $2,962,000 during 2013 in connection with its acquisition of Core Wafer Systems, Inc. The Company determined that goodwill recorded in connection with the reverse acquisition between Core Wafer Systems, Inc. and COREwafer Industries, Inc., substantially exceeded its implied fair value; therefore, the Company recorded an impairment loss of approximately $2,962,000. In addition, as of December 31, 2013, the Company determined that the carrying amount of the asset acquired in the acquisition of Core Wafer Systems, Inc. exceeds the fair value and recorded an impairment of approximately $438,000. The total goodwill impairment recorded in 2013 was $3,400,000.
Ms. Teresa McWilliams, Chief Financial Officer of COREwafer, said, "We are pleased our audit has been successfully completed. In conjunction with the audit's completion, we are able to move forward in our plans toward up-listing from the Pink Sheets to the OTC Bulletin Board."
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.
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