updated 11/11/2010 9:16:42 AM ET 2010-11-11T14:16:42

KIRKLAND, Wash., Nov. 11, 2010 (GLOBE NEWSWIRE) -- CoroWare, Inc. (OTCBB:COWI), a solutions integrator with expertise in high definition (HD) video conferencing, announced today it has signed a Memorandum of Understanding with Presence Networks Ltd. to cooperatively market and sell an integrated suite of hosted collaboration and HD video conferencing solutions focused on the needs of service providers, enterprise customers and medium-sized businesses.

Founded in 2005, Presence Networks specializes in the development of real-time communications and collaboration technologies for enterprise businesses that can be delivered as a Software as a Service (SaaS) flexibly and profitably by service providers and telecoms operators. According to a study published by the Radicati Group, the worldwide Unified Communications as SaaS market is expected to reach 136M subscribers and $28.7 billion in worldwide gross revenues by 2012.

As a result of this partnership, CoroWare and Presence Networks plan to provide their combined customers with a more complete range of services and solutions. CoroWare shall become an authorized reseller for Presence Networks products and services and a Presence Networks OEM developer.

"Presence Networks' service line and expertise in real-time collaboration is a strategic and logical complement to CoroWare's HD video conferencing solutions and capabilities," said Lloyd Spencer, CEO of CoroWare, Inc. "This partnership will, including secure messaging, presentation sharing, and HD video conferencing, help customers hold virtual meetings effectively and spontaneously."

Presence Networks shall be designated as an authorized reseller of CoroWare's HD video conferencing subscription services and software solutions, including CoroCall™ and CoroWare Billing Integration Framework™. Both companies shall work collaboratively to extend Presence Networks' Networker instant messaging platform through the integration of HD video conferencing features and billing mediation capabilities.

"By joining forces with CoroWare, we can provide our combined customer base with a full spectrum of Business Class Unified Comms capabilities," said Symon Blomfield, President of Presence Networks. "This partnership will also position the companies to jointly deliver solutions for Service Providers seeking nimble and responsive Solutions Partners."

About Presence Networks

Headquartered in the UK, the company sells its NetWorker™ solutions through a network of partner alliances throughout Europe, Asia Pac and the U.S. The company's Research and Development Centre is based in the Ukraine and its hosting partners now in the UK with integrated hosting capability coming online in the Far East and North America.

Working with Telecoms Operators, Service Providers and other Vendors, Presence Networks enables them to offer flexible and cost effective SaaS-based services to their customers that require little or no CAPEX expenditure by either party.

Suitable for organisations ranging from SMB's through to Government Agencies and Major Enterprises, NetWorker™ based solutions are characterised by rapid deployment, compatibility with legacy investments in hardware and software, and secure extendibility beyond organisational boundaries to include users outside their own firewall. For more information on Presence Networks' products and services, please visit http://www.presence-networks.net .

About CoroWare

Headquartered in Kirkland, Washington, CoroWare is a solutions integrator with expertise in affordable telepresence, service oriented business applications, and mobile robotics. For more information on CoroWare's products and services, please visit www.coroware.com .

The names of actual companies and products mentioned herein may be the trademarks of their respective owners. This press release is written using forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995: http://www.sec.gov/about/laws/sea34.pdf (Sec. 21E p. 223).

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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