SOURCE: Innova Robotics and Automation, Inc.

March 05, 2007 12:00 ET

Innova Robotics & Automation Announces Non-Binding LOI to Acquire Altronics Service, Inc.

Proposed Acquisition Complements RWT and Supports Strategy to Move Open PC Software Controls Into New Markets

FORT MYERS, FL -- (MARKET WIRE) -- March 5, 2007 -- Innova Robotics & Automation, Inc. (OTCBB: INRA), a robotics technology firm, today announced it has signed a "non-binding" letter of intent to acquire Altronics Service, Inc., a contract maintenance and service organization that supports NC (Numerical Control), CNC (Computer Numerical Control), and other devices used with automated manufacturing equipment. Altronics is located in Port Charlotte, FL. The completion of the proposed acquisition is subject to due diligence, negotiation, and execution of final, definitive agreements, as well as other customary closing conditions.

Founded in 1989 to service and retrofit Westinghouse controls on punch presses, Altronics' business has since expanded to include repairs and maintenance of legacy controls. According to Al Fleming, President of Altronics, the current active customer base has over 1,200 accounts located throughout the U.S., Canada, Mexico and Great Britain that include small and mid-sized companies as well as companies listed on the Fortune 500. Its capabilities include repair or replacement of proprietary control components for NC, CNC, and DC servo systems as well as a comprehensive retrofit program that includes integration of controls, motors, drives, and plasma torches. Altronics uses Hypertherm plasma systems and Glentec drive products in its retrofit program.

"While this represents a modest acquisition, when completed, we believe it will be an important addition to our company as we both have unique intellectual properties and serve markets with significant potential," commented Walter Weisel, Chairman and CEO, Innova Robotics & Automation. "Added to Innova's spectrum of innovative hardware and software solutions for control and communication between automated devices, if the acquisition is completed, Altronics' capabilities can greatly expand the breadth of the services we offer," Mr. Weisel continued. "The service and retrofit expertise provided by the proposed Altronics acquisition complements our Robotic Workspace Technologies (RWT™) and CoroWare subsidiaries, which currently provide a wide range of open PC control products and services. Our combination of applications development for enterprise systems including factory reporting can offer the Altronics customers longer equipment life and the ability to become integrated into factory automation solutions. We believe this proposed acquisition is another step forward in Innova's strategy to provide total factory solutions through open systems."

Innova has now commenced the required due-diligence phase of the acquisition process and intends to execute a definitive agreement.

About Innova Robotics & Automation, Inc.

Fort Myers, FL-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 three subsidiaries, Robotic Workspace Technologies (RWT), CoroWare Technologies, and Innova Robotics, which offer convergent technology and expertise that bridge robots, facilities and business systems for greater functionality and ROA. Visit Innova online at

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