FORT MYERS, Fla., Aug. 25, 2004 (PRIMEZONE) -- Innova Holdings, Inc. (OTCBB:IVHG) ("Innova") and Robotic Workspace Technologies, Inc. ("RWT") today announced that the acquisition of RWT has been completed. Shareholders of RWT approved the acquisition by Innova following approval by the directors of each company. The closing conditions were satisfied and documents executed today. As previously announced, this transaction is in keeping with Innova's growth strategy by acquiring unique technology companies.
"Now that we have closed the transaction, we can focus our attention on the many commercial initiatives, we have been working hard to prepare. Our shareholders will soon start to see a series of exciting announcements in support of our strategy. We are all very pleased to be at this point and we look forward to much success," said Walter Weisel, RWT's founder and a seasoned industry professional, who is now Chairman and CEO of Innova.
With this transaction, RWT becomes a wholly owned subsidiary of Innova and its principle operating company. All of the RWT shares will be exchanged for restricted common shares of Innova. Details will be available in Innova's SEC form 8K which will be filed shortly. Among the key conditions of the RWT transaction was that Innova's legacy business, Hy-Tech Computer Systems ("HTCS") be sold immediately. That agreement has been reached and that transaction will be executed promptly. A separate announcement will be made upon 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.
"We look forward to working with Walt to further implement the Innova strategy. By joining forces with RWT, and by divesting HTCS, Innova shareholders have a lot to look forward to," added Martin Nielson, director in charge of acquisitions for Innova's Board of Directors. He added, "We again want to thank all the people who worked so hard to bring these deals to a close so that we can focus on accelerating the growth strategies now planned."
An announcement will be made as soon as the HTCS 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.