LOS ANGELES, March 11, 2003 (PRIMEZONE) -- Innovation Holdings (OTCBB:INOVV), a leading marketing firm, announced the signing of a letter of intent to acquire Bikini Vending (www.bikinivending.com) a foremost vending company specializing in the development and placement of Internet kiosks.
Public Internet kiosks and /or vending machines featuring high-speed Internet access represent an industry that boasts $10 billion dollars in annual revenue. Bikini Vending, at the forefront of this revolution, has a 20-year history in vending experience and currently has over 500 machines in ten states. First quarter 2004 projections call for a minimum of 20,000 units throughout the United States.
Innovation Holdings will be responsible for all direct marketing for Bikini Vending, specifically assisting in reaching the goal of 20,000 units. Innovation Holdings will acquire Bikini Vending in a stock for stock transaction pending full due diligence and board approval, following a review of approximately two months. Further information on revenue projections and management specifics will follow at the conclusion of the acquisition process.
Edward Bevilacqua, CEO of Bikini Vending, stated, "Not only will our merger with Innovation Holdings advance our marketing efforts and assist in stabilizing our year-end targets, but the integration of our companies will bring Bikini Vending to the absolute forefront of this exploding industry."
Robert Blagman, CEO of Innovation Holdings, said, "As Innovation shifts its core business focus from media and pure advertising to convergent marketing, Bikini will set a new path for Innovation. This is the first of many changes, including a full review of management on every level of the company, which will be taking place within and around Innovation Holdings during the coming months. This acquisition will also fortify Innovation Holding's contribution to the world of convergent marketing and allow for a broader expansion of its new core business of pure and exclusive corporate and "business to business" marketing.
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 (OTCBB:INOVV).