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Microcap & Penny Stocks : IHTL Innovative Holdings&Technologies Telemetry in Sports -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (564)	7/21/1999 10:30:00 AM
From: Ron	Read Replies (1) \| Respond to of 689

July 21, 1999 09:14 Innovative Holdings Cancels 4.2 Million Shares ORLANDO, Fla.--(BUSINESS WIRE)--July 21, 1999--Innovative Holdings & Technologies, Inc. (OTC BB:IHTL) announced today that its Board of Directors has issued a resolution authorizing the cancellation of 4.2 million shares of the Company's stock originally issued in anticipation of the acquisition of a privately-held corporation announced on May 27, 1998. The acquisition was never completed. As a result of this action, the cancelled shares represent a 19 percent reduction of the Company's total issued and outstanding shares. Innovative Holdings & Technologies, Inc. identifies, acquires and incubates early stage niche technology companies with outstanding growth potential. The Company is also creating a worldwide Internet sports network; Sports Entertainment Network One.Com (sen1.com), which is billed as "the total Internet sports experience," providing virtual real time participation for internet users in sporting events, user-friendly on-line games, e-commerce and face-to-face audio and video chat rooms. Valu-net Corporation of Toronto, Canada, is working with IHTL to develop and market this new virtual, real-time sports network on the World Wide Web. The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of the company; the occurrence of which involves certain risks and uncertainties that could cause the company's actual results to differ materially from expected results. Such risks include the timing of implementation and the scope and success of the program described here. CONTACT: Innovative Holdings & Technologies, Winter Park, Fla. Phil Flynn, Investor Relations, 800/392-7961 www.innovativeholdings.com