Innova Holdings Inc. and CoroWare Inc. Acquisition Agreement Signed; Closing Scheduled for Today
Robotic Automation Technology Firm to Add Mobile Service Robotics Leader to Team of Robotics Innovators
FORT MYERS, Fla. – May 16, 2006 – Innova Holdings Inc. (IVHG.OTCBB), a robotics and automation technology company, signed the final agreement today that cleared the way for the acquisition of CoroWare Inc., a mobile service robotics specialist based in Bellevue, Wash. Closing is set for later today. With CoroWare as a wholly owned subsidiary, Innova Holdings will add autonomous mobile capabilities to its controller and PC open-architecture software expertise in the emerging service robotics market.
CoroWare owns key robotics and systems integration technologies and capabilities that will complement Innova's existing capabilities.
The acquisition also includes CoroWare Test Labs, a CoroWare subsidiary located in Pittsburgh, Pa., that provides impartial, objective testing support and services to ensure interoperability and communication standards compliance among intelligent, mobile service robotics platforms and applications in the military. CoroWare Test Labs screens its clients' systems for JAUS (Joint Architecture for Unmanned Systems) and AS-4 standards conformance.
Innova Holdings, through its subsidiaries Robot Workspace Technologies (RWT™) and Innova Robotics, provides hardware and software systems-based solutions to the military, service, personal and industrial robotic markets.
“We believe we will have another important component to take Innova Holdings to the next level in the dynamic mobile service robotics market,” said Walter K. Weisel, chairman and CEO of Innova Holdings. “CoroWare has the right combination of technology and Microsoft veteran developers to make it an ideal fit within the Innova family.”
Lloyd Spencer, president and CEO of CoroWare, said he expects the acquisition to offer his team significant access to the military and Homeland Security markets.
“This combination of our respective businesses is expected to offer us opportunities to tap into these markets and, in doing so, accelerate the growth of the overall mobile service robotics industry,” he said.
About Innova Holdings
Innova Holdings, Inc. (OTCBB:IVHG), Fort Myers, Florida, builds shareholder value by developing and acquiring technology-differentiated solutions with extraordinary potential for profitable and sustainable growth. Innova is chartered to continue expanding its growing suite of technologies through acquisitions and organic growth.
About Robotics Workspace Technologies, Inc.
Robotic Workspace Technologies (RWT), Fort Myers, Florida, is a subsidiary of Innova Holdings, Inc. and a leading provider of open architecture, patent-protected, PC controls, software, and related products that improve the performance, applicability, and productivity of robots and other automated equipment. RWT holds three pioneer utility patents issued by the United States Patent and Trademark Office (USPTO)and patents pending pertaining to the interface of a general use computer and the mobility of robots, regardless of specific applications. The first patent, 6,442,451 was issued in 2002. The second patent, 6,675,070, was issued in 2004. Patent number 6,922,611, issued in 2005. Its technology has been applied in industries ranging from agriculture to automotive, to medical and R&D. RWT is recognized internationally for its pioneering contributions to the robotics industry. Its founder, Mr. Walter Weisel, has been a driving force in the robot industry for the past 32 years, and is a recipient of the prestigious Joseph F. Engelberger Award recognizing his contributions to the advancement of robotics and automation.
Innova Robots, Inc.
Innova Robotics, Inc. Fort Myers, Florida, is a subsidiary of Innova Holdings, Inc. founded specifically to enable development of technologies, applications, and markets in the service robot international markets that include service robots for the military, space and undersea exploration, and homeland security. As a wholly owned subsidiary of Innova Holdings, Inc., Service Robots will leverage the patented products, technology, and robotics expertise of RWT, as well as strategic relationships with system integrators and third-party developers to earn a leadership position in this emerging industry.
About CoroWare
CoroWare is an innovative systems and mobile service robotics application integrator that delivers forward-looking solutions and services to help customers and communities realize their IT and business goals. CoroWare’s experienced team of professionals delivers integrated solutions based on Windows and Unix midrange platforms. CoroWare has depth of knowledge and breadth of experience in robotics integration, embedded/mobile system integration, and market development. The company also designs and builds software for platforms that range from mobile handheld devices to mobile service robots. Online at www.coroware.com/.
-End-
RWT™, Universal Robot Controller™, URC™ RobotScript®, and TeachPoint File Creator™ are either registered trademarks or trademarks of Innova Holdings, Inc. in the United States and/or other countries.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
Forward-looking statements such as "anticipate," "believe," "expect," "may," "will," "should," "plan," "projected," "intend," etc. contained herein are within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on the Company's beliefs and assumptions it made using information currently available to it and which reflect current views concerning those future events. Actual results could differ materially. Therefore, undue reliance should not be placed on any forward-looking statements, since they apply only as of today's date, and accordingly, reference should be made to the Company's periodic filings with the SEC.
For more information, contact:
Joseph Gonzales
Director of Corporate Communications
Innova Holdings, Inc.
Tel: (239) 466-0488, extension 202
Email: JGonzales@InnovaHoldings.com
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