SOURCE: Innova Holdings, Inc.

May 23, 2006 08:58 ET

Innova Holdings Completes Acquisition of CoroWare

CoroWare Brings Mobile Service Robotics Integration Expertise to Robotics and Automation Technology Company

FORT MYERS, FL -- (MARKET WIRE) -- May 23, 2006 -- Innova Holdings Inc. (OTCBB: IVHG), a robotics and automation technology company, has closed on the acquisition of CoroWare Inc., a systems and mobile service robotics integration specialist based in Bellevue, Wash.

The acquisition is expected to serve the growing need for mobile service automated systems, by integrating Innova Holdings' patented robotics arm and controller systems with CoroWare's software development, systems integration and robotics testing capabilities that will help Innova Holdings expand its ability to deliver robotic solutions.

In addition to its robotics development, integration and testing business, CoroWare offers software development and systems integration services on Windows, Unix and embedded systems platforms. With these capabilities, CoroWare has the ability to design, create and market intelligent robotics applications that integrate a customer's enterprise infrastructure.

"CoroWare has significant software engineering expertise, and with our patented robotics software we believe we can revolutionize the industry," said Walter K. Weisel, chairman and CEO of Innova Holdings, Inc.

As part of the acquisition agreement, CoroWare will be able to achieve its maximum performance payment and share valuation by earning revenues of at least $2.0 million over the next 12 months.

"Based on the success and reputation that CoroWare and CoroWare Test Labs have built, I am confident of our team's ability to achieve these goals," said Lloyd Spencer, president and CEO of CoroWare.

CoroWare Test Labs, a subsidiary of CoroWare, is the first robotic standards-conformance organization and sole commercial developer of test services and products for Joint Architecture for Unmanned Systems (JAUS) compliance. JAUS, a Department of Defense initiative, is designed to ensure interoperability and communication standards across the unmanned vehicle domain and applications for the military.

"Customers seeking independent confirmation of compliance can continue to look to CoroWare Test Labs for impartial, standardized testing using our suite of compliance testing applications and services," Spencer said.

About Innova Holdings Inc.

Innova Holdings Inc. (OTCBB: IVHG), through its subsidiaries, provides hardware and software systems-based solutions to the military, service, personal and industrial robotic markets. The robotics and automation technology company is chartered to continue expanding its growing suite of technologies through acquisitions and organic growth. Please see www.innovaholdings.com/.

About Robotic Workspace Technologies Inc.

Robotic Workspace Technologies (RWT™), Fort Myers, Fla., is a subsidiary of Innova Holdings Inc. and a provider of open architecture, patent-protected, PC controls, software and related products that we believe improve the performance, applicability and productivity of robots and other automated equipment. Its technology has been applied in industries including agriculture, automotive, medical and R&D, and is recognized internationally for its pioneering contributions to the robotics industry. RWT holds three "pioneer patents" issued by the United States Patent and Trademark Office, and has patents pending pertaining to the interface of a general-use computer and the mobility of robots, regardless of specific applications.

About Innova Robotics Inc.

Innova Robotics Inc., Fort Myers, Fla., is a wholly owned subsidiary and the marketing arm of Innova Holdings Inc. Innova Robotics customizes and distributes Innova Holdings' products to enable development of technologies and emerging markets in military, space, undersea and homeland security. Innova Robotics leverages the products and technology of Robotic Workspace Technologies, as well as strategic relationships with system integrators and other third-party developers, to earn a leadership position in this emerging industry.

About CoroWare

CoroWare is a mobile service robotics specialist with expertise in robotics technologies, Web services integration and embedded systems development for applications ranging from logistics and support, reconnaissance and surveillance, disaster recovery and rescue, and security and surveillance.

Investor Relations

Investors can visit Innova Holdings' Investor Relations Hub at www.agoracom.com/IR/Innova to post questions and receive answers, or simply review questions and answers by other investors. They may also request to be added to the investor e-mail list.

RWT™, Universal Robot Controller™, URC™ RobotScript® and TeachPoint File Creator™ 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.

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