EXHIBIT 99.1
NEWS RELEASE
-----------
INNOVATION HOLDINGS ANNOUNCES EXCLUSIVE
MARKETING AGREEMENT WITH CROSSGEL
AND REVERSE STOCK SPLIT
LOS ANGELES, California, April 26, 2004-Innovation Holdings, Inc. (OTCBB: IVHO)
announced today it had entered into a preliminary letter of intent with
CrossGel, Inc., a privately-held Utah corporation (www.CrossGel.com), through an
exclusive strategic marketing agreement whereby IVHO would create all media and
marketing for the CrossGel firm and possibly lead to a prospective merger of the
two companies. CrossGel is the manufacturer of ergonomic seat cushions
utilizing a revolutionary new cushioning technology. The CrossGel technology
consists of a thermal ultra-soft polymer gel, which offers a revolutionary
cushioning comfort. CrossGel absorbs about 95% of all vibration, allowing a
user to sit comfortable for longer period of time with little restriction of
blood flow. Its molecular structure behaves differently under pressure than
foam, springs or fibrous material, allowing pressure to flow away from areas of
greatest pressure reducing pain and discomfort.
Robert Blagman, Chief Executive Officer of IVHO, stated, "We are excited about
the opportunities for both of our companies in launching this new marketing
campaign. We are impressed with CrossGel's management, the technology, and
numerous applications of its products." When asked about the prospects for a
further more definitive alliance between the companies, Barry McCann, Chief
Executive Officer of CrossGel, added, "We feel this marketing alliance will
bring value to the shareholders of both companies and we look forward to a
mutually beneficial business relationship that fully realizes upon the synergism
between the companies and those in its comparative market sectors."
The Company also announced that its Board of Directors and a majority of the
outstanding shares entitled to vote had effectuated a 1 for every 500 shares
outstanding reverse stock split which was handled electronically through
Signature Stock Transfer, Inc. The new trading symbol for the Company is "IVHO."
The Company said that it effectuated the reverse split in an effort to foster
shareholder value and to enable the Company to move forward with its efforts to
acquire several proposed target entities.
Innovation Holdings, f/k/a Blagman Media International, Inc., is a Nevada
corporation, which is the successor to a corporation founded in 1961. IVHO acts
as a holding company focused on acquiring a diverse collection of firms to build
the parent company's value and are based in Sherman Oaks, California. IVHO also
provides direct market services and media buying for our clients and marketing
their products and services through television, radio, Internet, print and
outdoor, and other advertising media. In addition, the Company organizes direct
response media campaigns on radio, television and in print, and provides
assistance in backend marketing and creative production.
In conjunction with the provisions of the Safe Harbor section of the Private
Securities Litigation Reform Act of 1995, this news release contains certain
forward-looking statements pertaining to future anticipated projected plans,
performance and developments, as well as other statements relating to future
operations and results. Any statements in this news release that are not
statements of historical fact may be considered to be forward-looking
statements. Written words such as "may," "will," "expect," "believe,"
"anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or
other variations of these or similar words, identify forward-looking statements.
These statements by their nature are estimates of future results only and
involve substantial risks and uncertainties. There can be no assurance that
actual results will not differ materially from expectations.
- --------------------------------
Contact:
Innovation Holdings, Inc.
Michael Selsman
(818) 426 8737