COROWARE ANNOUNCES NAME CHANGE TO OPEN ROAD SHIPPING
Feb 21, 2017
OTC Disclosure & News Service
Bellevue, WA -
Coroware ANNOUNCES Name Change to Open Road Shipping
In Discussions to Acquire Interest in Logistics and Transportation Company
Bellevue, WA February 21, 2017 CoroWare, Inc. (OTC PINK:COWI) today that the CoroWare, Inc. formally changed its name to Open Road Shipping effective January 27, 2017.
The company name was changed to reflect the companys business focus changing to the logistics and transportation industry, including third-party logistics management, brokerage and order fulfillment, shipping and warehousing, supply chain management, and transportation asset tracking.
According to the U.S Department of Transportation, the trucking industry is highly fragmented, with over 90 percent of 110,000 carriers managing a fleet of 6 or fewer trucks, and more than 97 percent of carriers managing 20 or fewer trucks. In addition to industry fragmentation, increased requirements for liability insurance and regulatory compliance has created opportunities for consolidation of smaller carriers and streamlining costs through the adoption of web-based logistics management tools.
During this transition period, Open Road Shipping and its investment partner have been cooperatively launching a joint venture company which will acquire traditional carrier and brokerage service businesses, as well as start-ups that are revolutionizing the logistics and transportation industry with products and services based on disruptive technologies such as mobile-based freight brokering and Industrial Internet of Things (IIoT) for freight tracking and monitoring.
Open Road Shipping is actively pursuing joint venture acquisitions with a private company that is engaged in shipping, logistics and related services and products,
The name change does not affect the rights of the company's stockholders. The company's common stock will continue to trade under ticker symbol "COWI" on OTC Markets. Outstanding stock certificates are not affected by the name change and will not need to be exchanged.
About Open Road Shipping, Inc.
Open Road Shipping, Inc., formerly known as CoroWare, Inc., is focused on revolutionizing the logistics and transportation industry with products and services based on disruptive technologies such as mobile-based freight brokering and Industrial Internet of Things (IIoT) for freight tracking and monitoring.
For more information, please visit www.openroadshipping.com
Forward-Looking Statement
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Open Road Shipping Investor Relations
(800) 641-2676, option 3
investor@openroadshipping.com
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