Tuesday, September 18, 2007 10:17:52 PM
SOURCE: Innova Holdings, Inc.
Jul 26, 2006 08:00 ET
Innova Holdings Completes Convertible Debenture Financing
FORT MYERS, FL -- (MARKET WIRE) -- July 26, 2006 --Innova Holdings, Inc. (OTCBB: IVHG), a robotics technology firm providing software and hardware systems to the service, personal, and industrial robot markets, announced today that Innova Holdings, Inc. (the "Company") consummated a Securities Purchase Agreement (the "Purchase Agreement") dated July 21, 2006 with Cornell Capital Partners L.P. ("Cornell") providing for the sale by the Company to Cornell of its 10% secured convertible debentures in the aggregate principal amount of $2,825,000 (the "Debentures") of which $1,250,000 was advanced immediately.
The Debentures mature on the third anniversary of the date of issuance. The holder of the Debentures may convert at any time amounts outstanding under the Debentures into shares of common stock of the Company at a fixed conversion price per share equal to $0.04. Cornell has agreed not to short any of the shares of Common Stock.
Under the Purchase Agreement, the Company also issued to Cornell five-year warrants to purchase 10,000,000 and 15,000,000 shares of Common Stock at a price equal to $0.05 and $0.10, respectively, together with three-year warrants to purchase 23,000,000, 20,000,000 and 25,000,000 shares of Common Stock at a price equal to $0.025, $0.065 and $0.075, respectively.
The funds will be used to fuel the growth of the Company, in particular the sales and marketing of the new URC3 robotic controller for Robotic Workspace Technologies, Inc. and the sales and marketing initiatives for the Mesa product line of unmanned robotic vehicles into the homeland security, first responders and military markets. Additionally, funds may be used for future growth through acquisitions and continued product development.
"We looked at our capital requirement and decided it was a better value proposition to the Company and its stockholders to raise the money at a fixed price rather than relying on selling our stock into the market," states Walter K. Weisel, Chairman and CEO of Innova Holdings. "We are fortunate to have built a strong relationship with Cornell based on the progress of the Company and Cornell is willing to make this additional investment based on our opportunities and projections. We believe that our strong partnership with Cornell will provide the funding necessary to fuel our growth, and in particular support sales and marketing. We represent the Mesa Robotics product line for which we have exclusive worldwide rights through the Innova Robotics subsidiary. We are booking orders and ramping up marketing for the URC3 product within the Robotic Workspace Technologies, Inc. (RWT) subsidiary, and we are planning the expansion of the CoroWare subsidiary which supports the application of mobile robotics and offers web-based services and other software business solutions."
David Ratzker, Vice President for Cornell said, "We are very excited about expanding our relationship with Innova Holdings in its very exciting market sectors, and to provide the funding to help the Company implement its strategic actions."
About Innova Holdings, Inc.
Fort Myers, Fla.-based Innova Holdings, Inc. (OTCBB: IVHG), through its subsidiaries, provides hardware and software systems-based solutions to the military, service, personal and industrial robots markets. The robotics and automation technology company is chartered to continue expanding its growing suite of technologies through acquisitions and growth. Its founder, Chairman and CEO Walter K. Weisel, is recognized as a pioneer and leader in the robotics industry. The company's wholly owned subsidiaries are Robotic Workspace Technologies, Inc. (RWT), Innova Robotics Inc., and CoroWare. To learn more, visit us online at www.InnovaHoldings.com.
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.
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.
FOR MORE INFORMATION:
Sandra L. Brooks
INCOMM International Inc.
7825 Baymeadows Way, Suite 101-A
Jacksonville, FL 32256
Tel: (904) 636-5085
Email: slbrooks@incomminternational.com
URL: www.incomminternational.com
http://www.marketwire.com/mw/release.do?id=694687
Recent COWI News
- Form 15-12G - Securities registration termination [Section 12(g)] • Edgar (US Regulatory) • 07/10/2024 08:38:14 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/15/2024 10:20:26 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/01/2023 09:20:45 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 09:47:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/27/2023 12:30:16 PM
SANUWAVE Announces Reverse Stock Split, Note and Warrant Exchange, and PIPE Offering • SNWV • Oct 18, 2024 9:31 AM
Vocodia Addresses Recent Stock Price Movement and Future Strategic Partnerships • VHAI • Oct 18, 2024 9:00 AM
Mass Megawatts Announces the Start of an Online Discount Solar Energy Equipment Business with Revenue Recognized for the First Time Since Year 2010 in this Fiscal Quarter • MMMW • Oct 18, 2024 7:32 AM
Unitronix Corp Advances DeFi Innovation with Tokenized Real-World Assets Integration • UTRX • Oct 17, 2024 7:38 AM
Mass Megawatts Commences Solar Energy Sales Efforts • MMMW • Oct 16, 2024 7:45 AM
SANUWAVE Health Announces 1-For-375 Reverse Stock Split • SNWV • Oct 16, 2024 7:40 AM