SOURCE: Innovative Software Technologies, Inc.

May 23, 2011 10:00 ET

Innovative Software Shifts Its Strategic Focus

TAMPA, FL--(Marketwire - May 23, 2011) - Innovative Software Technologies, Inc. (PINKSHEETS: INIV) (the "Company"), a software development and services company, announced that it has entered into a Settlement and Rescission Agreement with Robert W. Singerman, the former owner of The WEB Channel Network, LLC. The terms and conditions of the agreement are reported in the 8-K regulatory filing.

On June 17, 2009, the Company purchased substantially all of the assets of The WEB Channel Network. The Company also entered into an employment agreement with Singerman. The purchased assets included all of the seller's intellectual property plus all signed and pending production agreements. The acquired intellectual property also included all property intended to be used in the development and application of standard definition video integrated with Internet protocol television and web design. The purchase price consisted of certain cash payments, a promissory note and stock purchase warrants as reported in the 8-K regulatory filing.

In accordance with the terms and conditions of the Settlement and Rescission Agreement, all assets of The WEB Channel Network previously purchased by the Company will be returned unencumbered free and clear to Singerman no later than May 31, 2011.

As stated by the Company's President, Robert Rudman, "In terminating our relationship with The WEB Channel Network, our strategic focus is shifting to healthcare informatics and services. This high growth market sector currently offers a wide range of attractive opportunities and our Company is focused on potential business acquisitions and strategic partnering in the healthcare and services industry."

No securities regulatory authority has either approved or disapproved the contents of this news release.

Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.

Contact Information

  • Media Contact:
    Robert V. Rudman
    813-387-3309