FORT MYERS, Fla. , Aug. 26, 2004 (PRIMEZONE) -- Innova Holdings, Inc. (OTCBB:IVHG) ("Innova") today announced that the divestiture of Hy-Tech Computer Systems, Inc. ("HTCS") to Aegis Funds, Inc. ("Aegis") has been completed. The sale of HTCS was a condition of the just completed acquisition by Innova of Robotic Workplace Technologies, Inc. ("RWT"). As previously announced, this transaction is in keeping with Innova's growth strategy to move away from its legacy distribution business and to acquire unique technology companies.
"This sale is important to Innova and RWT for many reasons. The sale completes Innova's departure from its legacy business, reduces our liabilities, and allows us to now focus completely on the core strategy for the best interests of our shareholders," said Walter Weisel, Chairman and CEO of Innova.
Pursuant to the terms of the transaction, all of the HTCS shares were transferred to Aegis along with certain cash and full rights to the Sun Trust Bank judgment which was lodged against HTCS and purchased in 2003 by Innova. As a result of this transaction, RWT becomes the only operating subsidiary of Innova. Full details will be available in Innova's SEC form 8K which will be filed shortly.
HTCS, founded in 1993 was a custom system builder and component distributor with 17 locations, largely in the South Eastern United States. At the end of 2003, the locations were closed, customer service was converted to e-commerce through an independent service provider, and certain rights for access to the customer base were licensed outside Innova. Aegis has not disclosed its plans for HTCS.
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. 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.
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.