Joint Ventures to Focus on Mining Coal and Rare Earth Element Recovery R&D
BELLEVUE, WA, Feb. 13, 2018 (GLOBE NEWSWIRE) -- CoroWare, Inc. (formerly known as Open Road Shipping, Inc.) (OTC PINK: COWI) (the "Company"), announce that the Company is dramatically changing its strategic focus and will focus its business on the natural resources sector through joint venture partnerships.
The Company has signed a Joint Venture Agreement with Beaufort Mining, Inc., owner of Rio Mining Management, LLC, and holder of the Rio Mine permit, located in Wolfe County, Kentucky. The Company has also put forward a plan to appoint new management to operate the joint venture and help develop the Company’s new strategy and direction.
The Board of Directors of CoroWare took the decision to strategy and direction because of key changes in America’s demand for coal and rare earth elements (REEs):
- Strong US export demand for high-quality thermal and metallurgical coal into Asian markets.
- Decreasing coal production in China.
- US natural gas price increases also lifting coal prices.
- Growth in developing economies driving high demand
The Rio Mine has 16 million metric tons of coal reserves that can be extracted. Beaufort Mining expects the Rio Mine to restart production of its quality thermal coal within 90 days and has already begun discussions with off-take partners and trading firms. Within 9 months, the Rio Mine is expected to be producing and shipping 60,000 metric tons per month.
The Company is also seeking to leverage its technological legacy and focus some of its efforts to conduct research and development in coal and REE value-added technologies that can be used to profitably recycle coal processing wastes, tailings, and slags.
The Company intends to establish a Research & Development Joint Venture to pursue these exciting opportunities, including:
- Developing Coal-to-Carbon Fiber Technologies and other Advanced Materials that can be produced using coal.
- Extracting REE from spent coal used at power plants or direct from coal seams.
- Pursuing Department of Energy (DOE) grants related to Coal Advanced Materials and REE extraction methods.
- Commercialization of viable products.
Lloyd Spencer, Chairman and CEO of CoroWare, is working with advisors to build a portfolio of assets in the resource sector, appoint new management through the joint venture, and develop opportunities in international locations that will be announced in the future.
“The Company has been working diligently with an investment group to help the Company successfully transition its business through joint venture investment opportunities, similar to the Beaufort JV, that are focused on the resource sector,” said Mr. Spencer. “We shall announce more details of our plans for the Company in the coming weeks.”
As part of the change in strategic focus, the Company will be appointing new Directors to the Board as significant new investments are made into the Company
About Beaufort Mining, Inc.
Beaufort Mining, Inc. will focus on mining of coal and geological ores; rare earth recovery from mineral and coal processing wastes, and recycling of mine waste materials.
About CoroWare, Inc.
Headquartered in Bellevue, Washington, CoroWare is in the process of transitioning itself into a global natural resources company with a focus on coal production and new technologies and products derived from coal.
Safe Harbor
This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of CoroWare, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond CoroWare’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in CoroWare’s filings with the Securities and Exchange Commission.