Innova Holdings Completes Acquisition of CoroWare
Mobile service robotics leader joins Innova's team of robotics innovators.
Bellevue, WA (PRWEB) May 17, 2006 -- CoroWare Inc., an innovative systems integration firm and mobile service robotics specialist, today announced finalization of its acquisition by Innova Holdings Inc. (IVHG:OTCBB), of Fort Myers, Fla. The companies closed on the acquisition Tuesday, adding CoroWare to Innova's lineup of robotics firms and giving Innova Holdings a strong presence in the emerging service robotics marketplace.
The acquisition includes CoroWare Test Labs, a CoroWare subsidiary in Pittsburgh, PA, that provides impartial, objective conformance testing to ensure interoperability and communication standards compliance among intelligent, mobile service robotics applications.
CoroWare will continue to operate from Bellevue, Wash., and expects all of its current employees to retain their jobs.
“We’re excited to be joining a company that focuses on the rapidly growing service robotics market,” said Lloyd Spencer, president and CEO of CoroWare. “CoroWare has staked out its position at the cutting edge of mobile autonomous systems, and our technologies and capabilities complement Innova Holdings’ current offerings in that area. This should be a great fit for both CoroWare and Innova Holdings.”
“The addition of CoroWare to the Innova Holdings group of companies gives us access to remarkable talent and innovation in the service robotics segment,” said Walter K. Weisel, chairman and CEO of Innova Holdings. “We're confident that this strategic acquisition will help Innova achieve our objective of leadership in the mobile service robotics marketplace.”
About CoroWare
CoroWare is a mobile service robotics specialist with expertise in robotics technologies, web services integration, and embedded systems development for applications ranging from logistics and support, reconnaissance and surveillance, disaster recovery and rescue, and security and surveillance. As a Microsoft Certified Partner, CoroWare develops mobile service robotics and web service application framework solutions in close cooperation with Microsoft. CoroWare is a wholly owned subsidiary of Innova Holdings, Inc.
About Innova Holdings, Inc.
Innova Holdings Inc. (IVHG:OTCBB) is a robotics and automation technology company with patented software and hardware systems-based solutions for the military, service, personal and industrial robotic markets. The firm 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.
Press Contact:
Steve Genova
CoroWare, Inc.
425-765-4555
www.coroware.com
For more information about Innova Holdings, Inc.:
Joseph Gonzales
Director or Corporate Communications
(239) 466-0488, extension 202
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