Innovation Holdings Announces Reverse Stock Split
LOS ANGELES, Oct 27, 2004 (PRIMEZONE via COMTEX) -- Innovation Holdings, Inc.
(OTCBB: IVHO) announced today that its Board of Directors has approved a
six-thousand-for-one reverse stock split of the Company's common stock.
The reverse split will be effective on Wednesday, October 27, 2004, to holders
of record of Innovation Holdings on October 11, 2004. The new reduced number of
shares will be issued by the Company's transfer agent when certificates are
physically surrendered by replacing each share surrendered with a proportionate
number of a new share, or if part of the DTC System, old shares will be
automatically adjusted on the same basis. Following the reverse stock split, the
Company's ticker will change from OTCBB:IVHO to OTCBB:IVHL.
"As the Company intends to expand, management wants to be prepared with a
capital structure believed to be more suited to a company with growth
potential," said Robert Blagman, CEO of Innovation Holdings. "We continue to
work on strategic agreements that we feel will have a material impact on the
company and believe that the 6,000 for 1 reverse stock split will be more
advantageous to increasing shareholder value."
This statement contains certain forward-looking statements pertaining to future
anticipated projected plans, performance and developments, and other statements
relating to future operations and results. Any statements in this release that
are not statements of historical fact may be considered to be forward-looking
statements. Words such as "may," "will," "expect," "believe," "anticipate,"
"estimate," "intends," "growth potential," "goal," "objective," "seek,"
"attempt," or variations of these or similar words, identify forward-looking
statements. These statements by their nature are estimates of future results
only and involve substantial risks and uncertainties, including those detailed
from time to time in Innovation Holdings, Inc.'s reports filed with the
Securities and Exchange Commission. There can be no assurance that actual
results will not differ materially from expectations.
SOURCE: Innovation Holdings, Inc.