Bellevue, WA (PRWEB) January 30, 2006
CoroWare Inc., an innovative systems integration firm and mobile service robotics specialist, today announced it has signed a letter of intent to merge with Innova Holdings Inc. of Fort Myers, Florida.
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.
"The combined strengths of Innova Holdings and CoroWare will help us tap into significant mobile service robotics market opportunities," said Lloyd Spencer, president and CEO of CoroWare. "Innova Holdings’ strengths in industrial automation and its relationships with defense and homeland security customers complement CoroWare’s strengths in mobile service robotics software development and testing, and its ability to bring robotics into an enterprise through its systems integration practice."
"CoroWare's advanced development on the Microsoft Windows Embedded platform, its focus on open standards and off-the-shelf hardware and software, and its team of veteran developers make CoroWare an ideal fit for Innova Holdings," said Walt Weisel, chairman and CEO of Innova Holdings. "With CoroWare’s expertise and years of experience with Microsoft, our company can begin offering enterprise-wide factory solutions worldwide.”
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, Unix and embedded systems platforms. CoroWare has depth of knowledge and breadth of experience in robotics integration, embedded/mobile system integration and market development. For more information, please visit http://www.coroware.com/.
About CoroWare Test Labs
CoroWare Test Labs is a CoroWare subsidiary whose mission is to provide impartial, objective conformance testing to ensure interoperability and communication standards compliance among intelligent, mobile service robotics applications. CoroWare Test Labs, the first robotic standards conformance organization and the sole commercial developer of test services and products for JAUS (Joint Architecture for Unmanned Systems) compliance, is located in Pittsburgh, Penn., a leading center for robotics research and development in the U.S. For more information, please visit http://www.corolabs.com
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.
Product or service names mentioned herein are the trademarks of their respective owners.
Forward-looking statements such as "believe," "expect," "may," "plan," "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.
Sandra L. Brooks
INCOMM International Inc.
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