MIAMI, Oct. 23, 2006 (PRIMEZONE) -- Value Holdings Inc. (Pink Sheets:VALH) announced today that it has entered into a letter of intent to acquire Innovative Technology Acquisition Corp., in a share exchange.
Innovative Technology Acquisition Corp. is the producer of Nutraplete, a dietary supplement for people with HIV/AIDS who require nutritional supplementation to maintain lean body mass. Nutraplete is a product of BioSource Therapeutics, Innovative's wholly owned subsidiary.
As part of the acquisition Value Holdings will execute a reverse split exchanging between 15 and 30 current common shares for one new common share and then will issue a minimum of 2 new Value Holdings shares for each outstanding Innovative share. The acquisition is subject to the approval of Innovative's shareholders. This approval process is expected be completed within ten (10) days and closing of the transaction within thirty (30) days thereafter. As part of the transaction Value Holding will change its name and ticker symbol to better reflect the direction of the company. If the acquisition is approved by the ITAQ shareholders the entire process is expected to be completed in 45 days or less. The combined company will trade on the OTC Pink Sheets.
About Innovative Technology Acquisition Corp.
Innovative Technology Acquisition Corporation is currently a non-reporting, over the Counter ("OTC") publicly traded company that is the developer of functional foods and dietary supplements. ITAQ acquired BioSource Therapeutics, Inc., an entrepreneurial life science company, in 2002. BST specializes in the formulation, manufacturing, marketing and distribution of innovative dietary supplements that benefit people undergoing medical treatments and therapies.
About Value Holdings.
Value Holdings, Inc. (Pink Sheets:VALH) is currently a non reporting, over the counter ("OTC") publicly traded company. The Company's corporate goal is to build well-run independent subsidiaries that have solid market niches with compounded growth rates in terms of revenues and earnings.