Welcome!

News Feed Item

COREwafer Industries Announces Successful Completion of Financial Statement Audit

Independent Audit Conducted for the Two Years Ended December 31, 2013 and 2012

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.

Safe Harbor
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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching o...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...