MIAMI, Nov. 30, 2006 (PRIME NEWSWIRE) -- Value Holdings Inc. (Pink Sheets:VALH) today announced that it has been notified by Innovative Technology Acquisition Corp. that its shareholders have approved an agreement for Value Holdings Inc. to acquire Innovative Technology Acquisition Corp., in a share exchange.
As part of the acquisition Value Holdings will execute a reverse split of up to 30:1 and will issue 2 new Value Holdings shares for each outstanding Innovative Technology Acquisition share.
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 transaction Value Holding will change its name and ticker symbol to better reflect the direction of the company. The finalization of the acquisition is expected to be completed in approximately 30 days. The combined company will trade on the OTC Pink Sheets.
About ITAQ and VALH
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.
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.