INRA:Innova Completes Sale of Altronics Service's Assets
Innova Focuses Resources on Software and Software Professional Services Market
October 4, 2007
Innova Robotics & Automation, Inc. (OTCBB: INRA) today announced the sale of the assets of its subsidiary, Altronics Service, Inc. The major terms of the transaction included the receipt of $100,000 in the form of a promissory note payable within 35 days secured by the assets of the buyer, the buyer's assumption of liabilities totaling $365,000, the forgiveness of a promissory note for $100,000 payable by Innova to the buyer, and the assignment to Innova of 250,000 shares of the Company's restricted Common Stock for cancellation.
"The sale of Altronics' assets represents a significant milestone for Innova in its positioning as a software and software professional services business," said Gene Gartlan, CEO of Innova Robotics & Automation. "We recently announced our decision to exit the machine tool service and controller market, which has now been achieved."
This transaction, along with previous actions taken by the Company regarding its decision to exit the industrial robotic controller business, has eliminated all non-core business activities. The Company's full resources are now fully dedicated to the software and software professional services market, including the licensing of its intellectual property patents.
CoroWare, an Innova subsidiary, has established a strong position in the software and software professional services market, and continues on its path to building its business by adding new clients and services, and expanding into Europe. As previously announced, CoroWare's revenues have approximately doubled since its inception three years ago; and for the first six months of 2007 revenues were $1.7 million, up from $.4 million for the same period last year.
CoroWare continues to offer Innova an effective means of achieving its tactical objectives and strategic direction. In order to further drive the next wave of sales growth, CoroWare has reorganized into three business units that are each pursuing significant market segments: Enterprise Business Solutions, Robotics and Automation, and Advanced Technology Group.
"Innova's focus on software and professional services business segments will further help CoroWare achieve its objectives and milestones," said Lloyd Spencer, president of CoroWare. "I believe focusing our combined resources on CoroWare's business units should accelerate CoroWare's current pace of growth."
CoroWare will continue to address significant markets with high growth potential by focusing its professional services and solutions development efforts on two key initiatives in the coming year: Infrastructure Optimization with a focus on providing mid-size businesses with a new approach to maximizing the benefit and reducing the cost of their Information Technology investments, and Mobile Robotics with a focus on delivering platforms and solutions for the university, government, commercial researcher and developer community.
Innova believes the completion of these strategic actions puts the Company in a strong position by optimizing resources to build a more successful business for shareholders, customers, and employees.
About Innova Robotics & Automation, Inc.
Fort Myers, FL-based Innova Robotics & Automation (OTCBB: INRA) pioneers innovative solutions for customers in the software, aerospace, research, and service industries. The Company is chartered to continue expanding its growing suite of technologies through acquisitions and organic growth. Visit Innova online at www.InnovaRoboticsAutomation.com.
About CoroWare
CoroWare, an Innova Robotics & Automation company, is an innovative software and software professional service company and mobile robotics integrator that delivers forward-looking solutions and services to help customers and communities realize their goals. CoroWare has depth of knowledge and breadth of experience in developing software and solutions for mobile service robotics and business automation through products that include the CoroWare CoroBot product line. For more information, please visit www.coroware.com.
Press Contacts:
Sheri Aws
Innova Robotics & Automation
saws@innovaroboticsautomation.com
(239) 466-0488, x3
Kami Noland
CoroWare
knoland@coroware.com
(800) 641-2676 x728
Source: Market Wire (October 4, 2007 - 7:00 AM EST)
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