SOURCE: Innovation Holdings Inc.

August 25, 2006 16:01 ET

Innovation Holdings Inc.'s Target Acquisition, PharmaSpritz Corporation, Signs Joint Venture With AZ Technologies

TORONTO -- (MARKET WIRE) -- August 25, 2006 -- PharmaSpritz Corporation of Delaware, the target acquisition of Innovation Holdings Inc. (PINKSHEETS: IVHN) of Nevada and the manufacturer of: SlimSpritz weight control spray, Compozure anti-stress oral spray and Spritzzz nighttime sleep aid, has announced a joint venture arrangement with AZ Technologies Ltd. AZ Technologies is the patent holder for the SlimSpritz formula and has developed two of its own products: F.A.S.T. (First Appetite Suppressant Tooth Paste) and Pearly Dreams Toothpaste.

In the joint venture agreement, PharmaSpritz Corporation is responsible for the manufacturing and marketing of the two AZ Technologies products. These new toothpaste products (F.A.S.T. is for weight loss, and Pearly Dreams is a sleep inducing formula) each work through the transmucosal absorption of herbal ingredients that are clinically recognized for the properties ascribed to these new products.

Dr. Arthur Zuckerman is the President of AZ Technologies and is responsible for the development of both F.A.S.T. and Pearly Dreams Toothpastes. Both products consist of patented herbal formulations which are exclusive to AZ Technologies.

Steven Burke, President of Pharmaspritz Corporation, developed the concept of incorporating medicinal herbal ingredients into a self-regulating aerosol spray products. Mr. Burke has over 30 years experience in the consumer product marketing business, in retail distribution and in direct marketing. In addition, Mr. Burke introduced the first powdered meal replacement for weight loss, NutriSlim, to the Canadian marketplace in 1980.

The Company will rely on Mr. Burke, Dr. Zuckerman and their management team's expertise to deliver F.A.S.T. and Pearly Dreams to the marketplace.

Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; and (iii) competitive factors and developments beyond the Company's control.

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