Innova Robotics & Automation Inc. reported its financial results for the year ended December 31, 2007. The company reported revenues of $3,866,869 and gross profit of $778,563 for the year ended Dec. 31, 2007. Revenues increased 270% from $1,046,407 in 2006 while gross profit increased 242% from $227,834 in 2006. Net loss for the period was $2,304,517, representing a 59% decrease from $5,607,098 in 2006. The decrease is a direct result of aggressive actions taken by Innova to bring administrative and operating expenses in line with revenues and its decision in October 2007 to sell assets that are no longer consistent with its focus on delivering professional services, solutions and products through CoroWare.

Innova Robotics & Automation Inc. appointed Charles Chuck House as Chairman of the Board. House´s strong background in software, instrumentation and systems integration will help guide the Company´s focus on software and software professional services. House is Executive Director for Media X at Stanford University, as well as Senior Research Scholar in the HSTAR (Human Science and Technology AdvancedResearch) Division. Instrumental in establishing the Center for InformationTechnologies and Society at the University of California, Santa Barbara, he has a long involvement in Information Systems and their impact on society. House is perhaps best known for work at Hewlett-Packard in defining and creating the logic analysis instrumentation field, which was inspired by earlier work in computer graphics displays. Most recently, he led the Virtual Collaboratory for Intel´s IT Innovation Research group.

Innova Robotics & Automation Inc. and Robotic Workspace Technologies Inc. (RWT) and Innova Robotics Inc. (IR) entered into an Employment Termination and Retirement Agreement with Walter Weisel. Pursuant to the Agreement, Weisel resigned from all positions with the Corporation no later than December 20, 2007, including without limitation resigning as a director of INNOVA and any of its subsidiaries, president of RWT and IR, director of RWT and IR and any other positions he may hold with Innova and any subsidiary. Executive shall terminate his employment with the Corporation and all subsidiaries no later than December 20, 2007.