SOURCE: Innovation Holdings Inc.

August 28, 2006 11:33 ET

Innovation Holdings' Target Acquisition, PharmaSpritz Corporation, Sues Former Consultant

TORONTO -- (MARKET WIRE) -- August 28, 2006 -- 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. 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 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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