FORT MYERS BEACH, Fla., May 23, 2005 (PRIMEZONE) -- Innova Holdings, Inc. (the "Company") (OTCBB:IVHG) announced today that it received a subpoena from the U.S. Securities and Exchange Commission relating to an investigation concerning trading in certain OTC stocks. The subpoena seeks documents relating to merger and financing transactions engaged in by the Company in April 2003.
In August 2004, the Company completed a reverse merger with Robotic Workspace Technology, Inc. (RWT). The subpoena concerns transactions that occurred 16 months before the RWT merger.
Walter Weisel, who took office as Chief Executive Officer of the Company in August 2004 following the merger with RWT, stated that the Company "intends to cooperate fully with the SEC's request."
About Innova Holdings, Inc.
Innova Holdings, Inc. (OTCBB:IVHG), Fort Myers Beach, 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.
About Robotics Workspace Technologies, Inc.
Robotic Workspace Technologies (RWT), Fort Myers, Florida, is a leading provider of non-proprietary, open-architecture PC controls, software, and related products that improve the performance, applicability, and productivity of robots and other automated equipment. 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 32 years, and is a recipient of the prestigious Joseph F. Engelberger Award, recognizing his contributions to the advancement of robotics and automation.
RWT(TM), Universal Robot Controller(TM), URC(TM) RobotScript(R), and TeachPoint File Creator(TM) are either registered trademarks or trademarks of Innova Holdings, Inc. in the United States and/or other countries.
The names of actual companies and products mentioned herein may be 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.