EXHIBIT 99.1

  INNOVATION HOLDINGS, INC. ELIMINATES IN EXCESS OF $11,000,000 IN DEBT AS IT
                BANKRUPTS, FORMER SUBSIDIARY CENTURY MEDIA, INC.


         Sherman Oaks, California September 28, 2005 - Innovation Holdings
(OTCBB: IVHN.PK.) reported in a Form 8-K filed with the Securities and Exchange
Commission, that its bottom line has been radically improved by the elimination
of in excess of $11,000,000 in debt incurred by its former subsidiary, Century
Media, Inc. which it had originally acquired on August 13, 2001.

         Dennis H. Johnston, Innovation Holding's Chief Executive Officer, said
that, on July 10, 2005, its board of directors decided that the Company would
file Chapter 7 proceedings for Century Media, Inc. "As a result of this filing,
a majority of the Company's ("IVHN") debt will be eliminated in the upcoming
audit, and the Company ("IVHN") can now proceed with its business plan as noted
in previous filings. Innovation Holdings is now in a much stronger position to
enter into serious negotiations with potential merger and acquisition candidates
having eliminated in excess of $11,000,000 in debt from its balance sheet,"
Johnston declared.

About Innovative Holdings, Inc.
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Innovation Holdings, Inc. operates as a direct marketing, direct response, and
media enterprise. It provides direct market services and media buying for its
clients; and their products and services through television, radio, Internet,
print and more. The Company is currently in the process of preparing fully
audited financial statements in anticipation of finding a merger candidate with
significant earnings. Several companies have expressed interest in reverse
merger acquisitions and Innovation Holding's management is currently in the due
diligence process with several of these candidates. This process should enable
the Company to re-emerge as a profitable entity going forward.

The foregoing release may contain 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 forgoing words such as, "may", "will", "expect", "believe", "anticipate",
"estimate", or "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.