SOURCE: Innovation Holdings Inc.

August 28, 2006 13:20 ET

/ CORRECTION - Innovation Holdings Inc.

TORONTO -- (MARKET WIRE) -- August 28, 2006 -- In the news release "Innovation Holdings' Target Acquisition, PharmaSpritz Corporation, Sues Former Consultant," issued earlier today by Innovation Holdings Inc. (PINKSHEETS: IVHN), we are advised by the company that the headline should read "Innovation Holdings Inc. Sues Former Consultant," rather than "Innovation Holdings' Target Acquisition, PharmaSpritz Corporation, Sues Former Consultant," as originally issued. We are also advised that the first sentence of the first paragraph should read "Innovation Holdings Inc. (PINKSHEETS: IVHN) has commenced a lawsuit against a former consultant to the Company for tortuous interference in the business of the Company," rather than "PharmaSpritz Corporation, the target acquisition of Innovation Holdings Inc. (PINKSHEETS: IVHN), has commenced a lawsuit against a former consultant to the Company for tortuous interference in the business of the Company," as originally issued. And lastly, we are advised that an additional sentence has been added to the end of the first paragraph, which reads "The Company incorrectly reported that PharmaSpritz Corporation, the Company's target acquisition had commenced the lawsuit." Complete corrected text follows.

Innovation Holdings Inc. Sues Former Consultant

TORONTO -- August 28, 2006 -- Innovation Holdings Inc. (PINKSHEETS: IVHN) has commenced a lawsuit against a former consultant to the Company for tortuous interference in the business of the Company. The suit was filed in Federal Court in the State of Florida. This consultant was never an officer nor a director of the Company and as such has no right to act for the Company or to bind the Company in any way. The Board of Directors currently consists of Mr. Steve Burke, President, and Ms. Rhonda Windsor, Vice President. The Company incorrectly reported that PharmaSpritz Corporation, the Company's target acquisition had commenced the lawsuit.

The Company has recently been informed that an unauthorized entity, The Stockster, has been responsible for a series of Spam emails with respect to the Company and its business. The Company did not engage the services of The Stockster nor does it condone the use of Spam emails. The Company will attempt to contact The Stockster to request that it cease and desist with the dissemination of these emails. The Company apologizes for any inconvenience the receipt of this Spam may cause its current or future shareholders.

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