Innovation Holdings Inc. Signs Letter of Intent With Pharmaspritz Corporation
LOS ANGELES, CA, Feb 22, 2006 (MARKET WIRE via COMTEX) -- The Board of Directors of Innovation Holdings Inc. (OTC: IVHN) announced that the Company has signed a Letter of Intent with Pharmaspritz Corporation of Delaware to purchase all of its assets and those of its Canadian subsidiary in return for shares of Innovation Holdings Inc.
Pharmaspritz Corporation has developed SlimSpritz(TM), a patented and revolutionary 100% herbal weight loss aid that utilizes a unique and effective delivery system. SlimSpritz(TM) features a Metered Dose Aerosol Pump (MDAP) that instantly delivers effective and recognized herbal appetite suppressants and active thermogenic agents. SlimSpritz(TM) incorporates a breath freshener, appetite suppressants and thermogenic agents to stimulate the metabolism of the body for those on weight loss programs.
Steven Burke, President of Pharmaspritz, developed the concept of incorporating the thermogenic appetite suppressants for weight loss into an aerosol spray. Mr. Burke has over 30 years experience in the consumer product marketing business, in retail distribution and in direct marketing. In addition, Mr. Burke introduced the first powdered meal replacement for weight loss, NutriSlim, to the Canadian marketplace in 1980.
The market for weight-loss products in North America is estimated to be in excess of $36 billion with over 110 million dieters using a myriad of diet products and services every year. Unlike virtually any other weight loss product, the SlimSpritz spray system quickly delivers proven herbal weight loss ingredients directly into the bloodstream through buccal absorption. These ingredients safely reduce the users hunger and cravings while increasing the number of calories burned.
The Company will rely on Mr. Burke and his management team's expertise to deliver SlimSpritz to the marketplace; initially through direct response marketing on the web, then migrating to print publications and infomercials. The comprehensive business plan calls for a national retail (in store) roll out by the end of the first year of operation.
Pharmaspritz Corporation's business objective is "to convert selected non-prescription aids & remedies, nutritional supplements and vitamins to the 'Spritz' technology; utilizing new or existing patents on a licensed or joint venture basis." A sleep aid called "Spritzzzz" and a pain remedy called "SpritzRelief" are currently under development and will be brought to market after the launch of SlimSpritz.
For more information please contact:
Rhonda Windsor
roni@rogers.com
905-898-0918
SOURCE: Innovation Holdings Inc.
CONTACT: mailto:roni@rogers.com
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