FORT MYERS, Fla., Aug. 18, 2004 (PRIMEZONE) -- Innova Holdings, Inc. (OTCBB:IVHG) and Robotic Workspace Technologies, Inc. ('RWT') today announced that the shareholders of RWT have approved the acquisition by Innova. This follows approval by the directors of each company. Closing is scheduled this week. This transaction is in keeping with Innova's growth strategy by acquiring unique technology companies.
"We look forward to launching a series of new commercial initiatives, given the support of our RWT shareholders in approving our board's recommendation to bring RWT and Innova together. We are dedicated to making this a success," said Walter Weisel, RWT's founder and a seasoned industry professional, who will become Chairman and CEO of Innova at closing.
RWT's products and services are built around two U.S. issued patents with international filings, numerous trademarks and significant intellectual property, including the Universal Robot Controller (TM) (URC(tm)), and RobotScript(R) programming software. The company's patented products transform the way robots and automated equipment are programmed, operated and upgraded.
RWT's solutions and licensed technologies satisfy a wide range of applications within Fortune 500 sized companies. RWT products are currently operating in Pharmaceuticals, Tier One Automotive, Aerospace, Military and Government Laboratories. An additional patent is pending and a licensing effort is underway in North and South America, Europe and the Far East. This portfolio of innovative products with strong brand recognition provides a new platform for Innova's growth.
"We are obviously very pleased that the shareholders of RWT have approved this transaction. And, we appreciate the patience and support that the Innova shareholders have shown while we sought to complete this transaction. The field of robotics holds great promise and RWT provides us with a solid foundation for Innova's growth strategy," added Martin Nielson, director in charge of acquisitions for Innova's Board of Directors.
An announcement will be made as soon as the closing has been executed.
About Robotic Workspace Technologies, Inc.
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 a wide range of automated equipment performing many tasks in industries ranging from agriculture to automotive, to medical and R&D. Recognized internationally for his 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 Robotic Workspace Technologies 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.