Innovation Holdings Announces Stock Buy-Back Program
LOS ANGELES, CA, Mar. 19, 2003 (INTERNET WIRE via COMTEX) -- Innovation Holdings (OTC BB: INOVV) announced an immediate stock repurchase program initiative. The buy-back plan calls for a repurchase of a majority of INOVV common stock, specific percentages to be determined. The stock repurchases, may at the discretion of the company's management, be made from time to time at prevailing prices in the open market or through private transactions. The company's management will base its decisions on market conditions, the price of the company's common stock and other factors.
The company currently intends to make stock repurchases using available cash flow from operations and is also working on a financing to enhance this activity. The program reflects the company's confidence in its long-term prospects and belief that Innovation Holdings stock is currently undervalued.
Commenting on the announcement, Robert Blagman, CEO of Innovation Holdings said, "This stock buy-back initiative demonstrates the confidence we have in Innovation's future and our commitment to maximize shareholder value. The buy-back is an integral part of our strategy to reposition the firm, eliminate the overhang of market shares and regain control of a market that responds more to the actions of security firms then real company potential."
The shares acquired will become treasury shares and would be available for various corporate purposes. The current price of INOVV's stock does not reflect the level of confidence that management and the Board of Directors has in INOVV's ability to implement its strategy of shifting its core business focus from media and pure advertising to convergent marketing in association with it's pending acquisition of Bikini Vending (
www.bikinivending.com). For Further information about this release and the business on-goings at Innovative Holdings, Inc., contact both Michael Selsman / Public Communications Co. 310 788 5444 and Yes International/ Rich Kaiser 800-631-8127.
The foregoing press release contains forward-looking statements. For this purpose any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as ``may,'' ``will,'' ``expect,'' ``believe,'' ``anticipate,'' ``estimate,'' ``continue,'' or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending on a variety of factors. Due to confidentiality restrictions, competitive concerns and other related issues, specific information on new business will be made public later this month. Innovation Holdings is located at 1901 Avenue of the Stars, Los Angeles, CA 90067. Bikini Vending is located in San Marcos California. Innovation Holdings is a publicly held entity (OTC BB: INOVV).
Michael Selsman
Public Communications Co.
310-788-5444
Rich Kaiser
Yes International
800-631-8127
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