“With these challenges behind us, we renew our focus on expanding the business, maximizing our patents and developing next-generation products for the surging mobile markets,” said CEO Scott Beck.
Dallas, TX (PRWEB) April 07, 2011
Nearly three years after the original acquisition of The Woodland Division, CornerWorld Corporation [OTCQB: CWRL] now has the ability to fully integrate and expand its business through extending virtually all short-term maturing liabilities to long-term liabilities. Additionally, as part of the recapitalization the company announced that it has completed settlement with a former member of the Board of Directors who has subsequently resigned all positions with the Company.
In 2009, CornerWorld entered into agreement with the Board Member to purchase The Woodland Division which included subsidiaries RANGER Wireless Solutions, T2 Communications, West Michigan Colocation, T2TV, Woodland Wireless Solutions and Phone Services & More. Following the close of the sale in February 2009, the seller remained on board as a board member of CornerWorld Corporation and Chief Operating Officer of Woodland Holdings Corporation.
“We are thrilled to announce the completion of the acquisition of The Woodland Division and the beginning of the next era for CornerWorld, its employees and its shareholders,” said Scott Beck, CornerWorld CEO. “The CornerWorld team delivered the Settlement Agreement a full eleven months ahead of what we had envisioned in February 2009 when we acquired The Woodland Division, at which time we had contemplated refinancing the transaction to longer maturities.”
Over the past sixteen months, CornerWorld has implemented a series of operational efficiencies that have significantly decreased overhead, including:
o Relocating its Dallas home office and consolidating accounting, IT, human resources and all other back office functions to its Dallas headquarters;
o Negotiating new agreements with RANGER’s carriers that now include partnership opportunities for marketing while simultaneously reducing RANGER’s cost of operations by negotiating improved contracts with its service providers; and
o Expanding Enversa’s service offerings to include search engine optimization, web build and domain leasing capabilities.
CornerWorld also continues to work on expanding revenues of its divisions and investing in R&D. “With these challenges behind us, we renew our focus on expanding the business, maximizing our patents and developing next-generation products for the surging mobile markets,” said Beck.
About CornerWorld Corporation
CornerWorld holds a critical patent that is the foundation for connecting millions of consumers to contract-based clients using mobile devices and the Internet each year. Each CornerWorld division has been operating successfully for more than five years, and the company is primed to continue to take advantage of how people use the Internet and mobile devices to purchase services and products that add value to their lives.
CornerWorld trades as an OTC stock under the ticker CWRL. More information regarding CornerWorld is available to investors via the Investor Relations page of the company’s web site at http://www.cornerworld.com.
CornerWorld Forward-Looking Statements
The statements in this news release relating to matters that are not current or historical facts are forward-looking statements. Such forward-looking statements are based on current plans, estimates and expectations. Forward-looking statements are based on known and unknown risks, assumptions, uncertainties and other factors. CornerWorld's actual results, performance, or achievements may differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. CornerWorld undertakes no obligation to publicly update or revise any forward-looking statement.