SOURCE: Innovation Holdings Inc.

April 20, 2006 10:00 ET

Innovation Holdings Target Acquisition; PharmaSpritz Corporation Signs Licensing Agreement

TORONTO -- (MARKET WIRE) -- April 20, 2006 -- PharmaSpritz Corporation of Delaware, (OTC: IVHN) the manufacturer of SlimSpritz weight control spray, has come to an agreement with BioZone Laboratories Inc. of California to license, on an exclusive basis, BioZone's new anti-anxiety Lipospray. The license is comprehensive and includes the exclusive rights for the manufacturing, marketing and the distribution of BioZone's anti-anxiety LipoSpray under the name "Compoze."

Consisting of the active natural source medicinal ingredients L-Theanine and Hydroxylated Lecithin, Compoze is a patented formula that creates an alert yet totally relaxed state of mind without drowsiness. Compoze is clinically proven to reduce stress, improve the quality of sleep, diminish normal symptoms of PMS, heighten mental acuity and reduce negative side effects of caffeine. L-theanine is a unique free form amino acid found in the Green Tea plant.

Compoze features a Metered Dose Aerosol Pump that instantly delivers effective and recognized herbal anti-anxiety agents. Compoze is the only anti-anxiety Lipospray available world-wide. Compoze utilizes PharmaSpritz Corporation's unique low dose/high frequency formulation that allows the consumer to self-regulate their intake and control their levels of stress and anxiety.

Steven Burke, President of Pharmaspritz Corporation, developed the concept of incorporating the anti-anxiety herbal ingredients into a self-regulating aerosol spray. 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 and his management team's expertise to deliver Compoze to the marketplace; initially through direct response marketing on the web, then migrating to print publications and infomercials. The comprehensive business plan calls for a national retail (in store) roll out by the end of the first year of distribution.

PharmaSpritz Corporation announced on February 22, 2006 that it had signed a Letter of Intent with Innovation Holdings Inc., a Nevada Corporation who agreed to purchase all of its assets and those of its Canadian subsidiary in return for shares of Innovation Holdings Inc. May 15, 2006 is the proposed date for completion of this purchase.

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