Innova Holdings Signs Letter of Agreement to Acquire CoroWare

  • January 25, 2006
  • News
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." About Innova Holdings, Inc. Innova Holdings, Inc. (IVHG:OTCBB), 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 CoroWareCoroWare is an innovative systems and mobile service robotics application integrator that delivers forward-looking solutions and services to help customers and communities realize their Information Technology and business goals. CoroWare’s experienced team of professionals delivers integrated solutions based on Windows, UNIX, and IBM 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. For more information, please visit www.coroware.comAbout CoroWare LabsCoroWare Test Labs is a CoroWare subsidiary whose mission is to provide impartial, objective conformance testing to ensure interoperability and standards compliance among intelligent, mobile service robotics applications. CoroWare Test Labs, the first company to test for standards conformance in the robotics industry, is located in Pittsburgh, Penn., a leading center for robotics research and development in the U.S. For more information, please visit About Robotic 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. 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 33 years, and is a recipient of the prestigious Joseph F. Engelberger Award recognizing his contributions to the advancement of robotics and automation. About Innova Robotics, Inc. Innova Robotics, Inc., Fort Myers, Florida, is a subsidiary of Innova Holdings, Inc., founded specifically to enable development of technologies, applications, and emerging markets in military, space, undersea exploration, and homeland security. As a wholly owned subsidiary of Innova Holdings, Inc., Innova Robotics 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.

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