DALLAS, TX--(Marketwire - Nov 5, 2012) - CornerWorld Corporation (OTCBB: CWRL), announced today that it has successfully converted $1,364,199 in debt, plus an additional $100,716 in accrued interest, to shares of its common stock. The debt and accrued interest were converted into 9,766,097 shares of common stock at the rate of $0.15 per share. The debt was originally incurred in 2008 as part of the acquisition of CornerWorld's Enversa Companies, LLC subsidiary.
Scott Beck, CornerWorld's Chief Executive Officer, noted, "This is a great day for CornerWorld. The conversion of this debt to equity continues our goal of de-levering the Company while simultaneously affirming the value of the Company's equity securities."
In addition to the conversion of the aforementioned debt to equity, CornerWorld also modified repayment terms of two other pieces of debt on terms favorable to the Company.
About CornerWorld Corporation
CornerWorld Corporation holds a business-critical patent that is the foundation for annually connecting millions of consumers to clients and customers using mobile devices and the Internet. The Company is primed to continue to take advantage of how people use Internet and mobile devices to purchase services and products that add value to their lives. More information is available to investors at www.cornerworld.com.
CornerWorld's Trading Symbols
CornerWorld trades Over-The-Counter as OTCBB: CWRL. CornerWorld has also been referenced in financial syndication as CWRL.OB.
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.