SOURCE: Innova Robotics and Automation, Inc.

May 31, 2007 14:18 ET

Innova Robotics & Automation Announces Progress on Strategic Growth Initiatives

Revenues up 37% Over the Fourth Quarter of 2006

FORT MYERS, FL--(Marketwire - May 31, 2007) - Innova Robotics & Automation, Inc. (OTCBB: INRA), a robotics technology firm, today announced first quarter 2007 revenues of $671,000, representing a 37% increase over fourth quarter of 2006. The growth stems from improved performance and developments at the Company's CoroWare subsidiary. In related news, management believes the successful integration of Innova's Altronics acquisition further positions the Company to execute on its growth strategy.

Also during the quarter, the Company reached a favorable legal settlement related to the Company's intellectual property rights. A full review of Innova's first quarter 2007 financial results can be found within the Company's first quarter 10QSB report, filed with the SEC on May 21, 2007.

CoroWare's improved performance was the result of organic growth of its sales with existing customers, such as Microsoft, and establishing new customer relationships in the mobile robotics market segment. In addition, CoroWare realigned its consulting resources onto new projects with higher margin products and services, resulting in improved profitability.

"CoroWare's Enterprise Business Solutions Group capably grew its business by focusing on its core Technology Adoption Lab Management, Release and Project Management, and Solution Development practices," said Lloyd Spencer, president of CoroWare. "Our Robotics and Automation Group demonstrated growth with new customers that wanted to take full advantage of CoroWare's expertise with Microsoft Robotics Studio."

On May 15, 2007, at the RoboBusiness 2007 Conference and Expo, CoroWare launched CoroBot, an affordable mobile robot for researchers, hobbyists, and developers. CoroBot aims to minimize the complexity of robotic development and is compatible with Microsoft Robotics Studio, a Windows-based robotics applications creation environment for the PC and other computing platforms. CoroBot is another innovative robotic application from CoroWare, and the product is expected to contribute to Innova's financial results in the second half of 2007.

"We have a strong foundation in place, and we believe the sequential revenue improvement in the first quarter shows that we are successfully executing our growth strategy," said Walter Weisel, chairman and CEO of Innova. "We believe the Company is on a path for continued growth. With the legal settlement behind us, we can now devote our full attention and resources to the day-to-day management of the Company. Our management team and Board are focused on growing Innova both organically and through strategic acquisition, and we will continue to pursue all opportunities before us."

In related news, Innova successfully integrated its recent acquisition of Altronics Service, Inc., completed in March 2007. Now a subsidiary of Innova, Altronics recently unveiled its new "AL" controller, an industrial PC-based CNC controller that can give new life to punch press machines with outdated controllers. In addition to bridging old equipment with current technology, AL brings communications flexibility with its networking capabilities. Altronics recently announced the placement of an order for the "AL" controller with LM Industrial, Inc. Innova has also enhanced Altronics' sales and marketing support, with the addition of a new salesperson.

About Innova Robotics & Automation, Inc.

Fort Myers, Fla.-based Innova Robotics & Automation (OTCBB: INRA) pioneers innovative control and communication solutions that make robotics and automated systems more productive, powerful, and profitable for customers in the telecommunications, manufacturing, aerospace, research, and service industries. The Company is chartered to continue expanding its growing suite of technologies through acquisitions and organic growth. Innova operates through four subsidiaries, Robotic Workspace Technologies (RWT), CoroWare Technologies, Altronics Service, and Innova Robotics, which offer convergent technology and expertise that bridges robots, CNC machines, facilities, and business systems for greater functionality and ROA. Visit Innova online at

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