OPEN ROAD SHIPPING SIGNS ACQUISITION LETTER OF INTENT
Mar 15, 2017
OTC Disclosure & News Service
Bellevue, WA -
Open Road Shipping Signs Acquisition Letter of Intent
Letter of Intent Initiates Discussions to Acquire a Shipping and Logistics Company
Bellevue, WA March 16, 2017 Open Road Shipping, Inc. (OTC PINK:COWI) announced today that it had signed a Letter of Intent to acquire a privately held truck shipping and logistics company in upstate New York.
Manufacturing and distribution companies today work with a multitude of brokers and shippers to deliver a wide range of industrial and consumer products to their customers. Open Road Shipping has opened discussions to acquire a privately held shipping and logistics company that delivers industrial products domestically across the United States.
In addition, the privately held shipping and logistics company has developed proprietary web-based mobile application software that simplifies the selection of brokers and optimizes the cost of shipping of products domestically across the United States.
"Mobile apps that match truck drivers with shippers make it easier for shippers to find drivers, much in the way Lyft or Uber connect riders and drivers, said Lloyd Spencer, CEO of Open Road Shipping. This mobile app will allow us to acquire additional transportation companies and have immediate impact on the value of their business and make a combined company more efficient."
This proprietary web-based mobile application software helps address the challenges of a trucking industry that is highly fragmented, and can help Open Road Shipping efficiently integrate acquired subsidiary shipping companies in the future that can collectively deliver excellent customer service.
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.
The company's common stock trades under ticker symbol "COWI" on OTC Markets.
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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