FORT MYERS, Fla., Aug. 4, 2004 (PRIMEZONE) -- Innova Holdings, Inc. (OTCBB:IVHG) and Robotic Workspace Technologies have signed a definitive agreement whereby Innova will acquire RWT. This follows approval by the directors of each company. Final RWT approval is expected at a special shareholders meeting on August 9th. The transaction, scheduled to close on or about August 15th, is in keeping with Innova's strategy to grow by acquiring unique technology companies.
On behalf of Innova's Board of Directors, Martin Nielson (director in charge of acquisitions) stated, "We are very pleased to be joining forces with Robotic Workspace Technologies. The field of robotics is one of the great technology growth fields. RWT's patented technology and years of expertise provide a solid foundation for Innova's growth strategy."
RWT's products and services are built around three issued patents, numerous trademarks and significant intellectual property, including the Universal Robot Controller(tm) (URC(tm)), and RobotScript(r) software. These patented products transform the way robots and automated devices are programmed, operated, and upgraded. RWT's solutions and licensed technologies satisfy a wide variety of control requirements for Fortune 500 sized companies in North and South America, Europe and the Far East. Additional patents are pending, so this portfolio of innovative products with strong brand recognition provides a new platform for Innova's growth.
"Transforming our privately held company into a publicly traded firm means better access to many of the benefits we lack today. Our rich portfolio of patented products plus our 'founders' patents will offer other companies opportunities to embrace new methods and products by teaming with RWT and Innova," said Walt Weisel, RWT's founder and a seasoned industry professional, who will become Chairman and CEO of Innova at closing.
About RWT
Based in Fort Myers, FL, RWT is dedicated to enhancing the field of robotics with commercially available, standard products to improve robot performance, applicability, and productivity. Founded in 1994, RWT has been at the forefront of developing and offering technology-based solutions built upon open architecture that harnesses the power and user-friendliness of the PC platform and the Windows operating system. RWT's technology has been applied to robots and virtually all automated equipment to perform a wide range of tasks in industries ranging from agriculture to automotive, to medical and R&D. Recognized internationally for its pioneering contributions to the robotics industry, RWT's founder and CEO, Walter K. Weisel, is a recipient of the prestigious Joseph F. Engelberger Award for his contributions to the advancement of robotics and automation.
About Innova
Headquartered in Fort Myers, Florida, Innova's strategy is to grow the development and marketing of the RWT products and intellectual properties, and to complete strategic acquisitions of technology differentiated companies with extraordinary potential.
Forward-looking statements such as "anticipate,'' "believe,'' "expect", "future", "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.