CoroWare Inc (OTCMKTS:COWI) reported that the company has changed its name to ‘Open Road Shipping’. This name changed was reported to showcase the company’s business focus going on the logistics and transportation market, including brokerage, third-party logistics management, and order fulfillment, supply chain management, transportation asset tracking and shipping and warehousing.
The update
The trucking industry is extremely fragmented, with more than 90% of 110,000 carriers running a fleet of six or fewer trucks, and over 97% of carriers organizing 20 or fewer trucks. Besides industry fragmentation, increased needs for regulatory compliance and liability insurance has created prospects for streamlining costs and consolidation of smaller carriers via the acceptance of web-based logistics controlling tools.
During this period, Open Road Shipping and its associate has been cooperatively introducing a joint venture firm which will buy traditional carrier as well as brokerage service businesses, and start-ups that are transforming the transportation and logistics industry with services and products dependent on disruptive technologies like mobile-based freight brokering as well as Industrial Internet of Things for freight tracking and monitoring.
Open Road Shipping is dynamically pursuing JV acquisitions with a private firm that is engaged in logistics, shipping and related products and services. The name change does not change the rights of the firm’s stockholders. The firm’s common stock will continue to list under ticker “COWI” on OTC platform. Due stock certificates are not impacted by the name change and will not require to be exchanged.
Open Road Shipping, formerly named CoroWare, Inc., is focused on transforming the transportation and logistics industry with services and products based on disruptive technologies like Industrial Internet of Things and mobile-based freight brokering.
Recently, the company reported that it had finalized a Letter of Intent to buy a truck shipping and logistics firm in upstate New York. The firm has also advanced online based mobile application software that streamlines the selection of brokers and enhances the cost of shipping of goods domestically across the U.S.
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