Innova Holdings Signs Letter of Agreement to Acquire CoroWare
FORT MYERS, FL – January 25, 2006 – Innova Holdings, Inc. (IVHG:OTCBB), an automation technology company providing hardware and software systems-based solutions to the military, service, personal, and industrial robotic markets, today announced that it has signed a letter of agreement with CoroWare, Inc. (Bellevue, WA) under which Innova Holdings will acquire all of the assets of CoroWare, including the newly formed CoroWare Test Labs subsidiary.
The transaction is expected to be completed in the first quarter of 2006, subject to the negotiation and execution of a definitive agreement, approval by Innova Holdings’ Board of Directors, and customary regulatory approvals. Under terms of the agreement, CoroWare and its CoroWare Test Labs subsidiary will operate as wholly owned subsidiaries of Innova Holdings.
CoroWare is an innovative systems integration firm with particular expertise in the area of mobile service robotics. CoroWare is the only mobile service robotics company to join the Microsoft ® Windows Embedded Partner Program. CoroWare uses the Windows XP Embedded operating system to power its mobile service robots, which are based on de facto standards, off-the-shelf hardware and proven software.
“This acquisition will provide Innova Holdings with a strategic opportunity to strengthen its core business in the industrial and service robot industries here in the United States, and worldwide,” said Walter Weisel, Chairman and CEO of Innova Holdings, Inc. “With CoroWare’s expertise and 20 years of experience working with Microsoft, our company can extend its current Microsoft-based offerings to include enterprise-wide factory solutions worldwide as well as expand our presence in Homeland Security, space and undersea exploration, and military segments of the marketplace.”
“The U.S. Government has appropriated $33 billion to develop an unmanned fighting force. The goal is to convert 30 percent of its fighting force to unmanned systems by 2010. We believe robotics will play a key role in future armament and guidance systems for this unmanned force,” explained Weisel. “CoroWare has demonstrated the development and integration expertise necessary to tie together mobile and embedded systems for such advanced robotics applications employing the latest in software platforms.”
“The company has developed innovative robotic solutions on the Microsoft Windows XP embedded platform,” Weisel continued. “CoroWare also shares our commitment to open-architecture systems and is proficient at maximizing the use of commercially available, off-the-shelf hardware and software for robotics projects. As evidence of this acknowledged expertise, CoroWare has been working as a member of the U.S. Government sponsored Joint Architecture for Unmanned Ground Systems (JAUS) standards committee. CoroWare Test Labs is the first robotic standards conformance organization and is the sole commercial developer of test services and products for JAUS compliance.”
“This acquisition will benefit the Innova Holdings subsidiaries, Robotic Workspace Technologies (RWT™) and Innova Robotics, as we team to advance robotic technologies, applications, and product offerings,” Weisel concludes.
CoroWare’s current management, engineers, and developers will be part of the Coroware subsidiaries of Innova Holdings, Inc.
The CoroWare team includes 20-year veterans with experience in Microsoft operating systems, systems and robotics integration, software development and testing, and project management. CoroWare President and CEO, Lloyd Spencer, has more than 20 years experience across multiple industries and technologies, including distributed network computing and embedded systems hardware development.
"Teaming with Innova Holdings is an ideal fit for CoroWare and gives us access to significant robotics market opportunities," Spencer said. "Innova Holdings' focus on evolutionary technology, their presence in the defense and homeland security segments, and their commitment to open standards solidifies CoroWare's position. In partnership with Robotic Workspace Technologies and Innova Robotics, we will continue our work to accelerate and refine the robotics market and deliver cutting-edge, cost-effective mobile service robotics solutions."
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