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Innovative Holdings Inc. 1901 Avenue of the Stars Suite 1710 Los Angeles, CA 90067 United States Phone: 310-788-5444 Robert Blagman, CB/CEO/PR Fiscal Year End: 12-31 Industry: Conglomerates Transfer Agent: Signature Stock Transfer. Inc Market Maker List BAMM BROKERAGEAMERICA, LLC Active BRGE NEWBRIDGE SECURITIES CORPORATION Active CLYP CARLIN EQUITIES CORP. Active FRAN WM. V. FRANKEL & CO., INCORPORATED Active GNET ARCHIPELAGO TRADING SERVICES, INC. Excused GRST GARDEN STATE SECURITIES, INC. Active JEFF JEFFERIES & COMPANY, INC. Active MHMY CROWN FINANCIAL GROUP, INC. Active NITE KNIGHT SECURITIES, L.P. Active PRGM PROGRAM TRADING CORP. Active SCHB SCHWAB CAPITAL MARKETS L.P. Active SEAB SEABOARD SECURITIES, INC. Active UCAP U.S. CAPITAL PARTNERS, INC. Active VFIN VFINANCE INVESTMENTS, INC Active WIEN WIEN SECURITIES CORP. Active CURRENT BUSINESS INFORMATION: Innovative Holdings Inc. is a holding company that owns, directly and indirectly, a diverse group of companies and other businesses. The principal company currently owned by the Company is Century Media f/k/a Blagman-Century Media, a national ad agency and media buying company focusing in the area of direct response. HISTORICAL BUSINESS INFORMATION: Blagman Media International, Inc. began operations in 1994 as a sole proprietorship. On August 2, 1999, Blagman Media completed a reverse acquisition with Unisat, Inc., an inactive, public non-reporting company, founded in 1962 and formerly known as Combined Companies, Inc. On the same date, Unisat, Inc. changed its name to Blagman Media International, Inc. The transaction was structured as a share exchange, in which Robert Blagman exchanged all of his shares in the privately held BMII for 8,200,000 common shares of Unisat, Inc. In April 2000, BMII entered into a share exchange agreement with MNS Eagle Equity Group I, an inactive, reporting Nevada corporation, which resulted in BMII becoming the parent and reporting entity. MNS Eagle Equity Group I became a wholly-owned subsidiary of Blagman Media. After the completion of due diligence process Blagman Media was named Blagman Media International, Inc. During 2000, in addition to considering merger and acquisition opportunities for consolidation and industry growth, Blagman Media considered establishing an immediate Internet strategy, but funding was limited. Blagman Media, therefore, focused on its core competencies by making quantitative media buys and in assisting its clients in implementing traditional radio, television and out of home media strategies. On August 13, 2001, Blagman Media started negotiations to acquire Century Media Inc. (CMI), a privately held company. The terms of the deal called for Blagman Media to have an immediate option to initially acquire at least 10% of Century Media, Inc. stock for cash. Blagman Media had an additional option to acquire the balance of Century stock for a combination of stock and cash. Century Media, Inc. is a direct response advertising agency with Fortune 1,000 as well as traditional direct response long-form clientele. On September 25, 2001, Blagman Media agreed and signed to purchase 100 percent of Century Media Inc. (CMI) for stock and cash, amending its original deal to acquire up to 10 percent of Century, On August 24, 2001, MET-Rx Engineered Nutrition signed a media marketing agreement with Blagman Media. Blagman Media will manage an advertising and promotional campaign in conjunction with one of MET-Rx's top retail accounts for 3rd quarter of 2001. On September 18, 2001, Blagman Media acquired the right to purchase fifty-one percent (51%) of WellWorld Group, Ltd. for a combination of cash and stock. WellWorld Group, Ltd. is a medical consortium of doctors and research physicians who have united in the mission to locate and acquire equity interests in Neutraceuticals or health promoting products and services. WellWorld together with Blagman Media will also be developing directly and through third parties private labeling products for entertainment, sports and fitness. On February 28, 2002, Blagman Media incorporated a wholly owned subsidiary, Blagman USA, Inc., for the purpose of initiating future mergers. Effective March 22, 2002, Blagman Media acquired 100% of the outstanding stock of Century Media, Inc., a California corporation by merging Blagman USA, Inc., into Century. The surviving entity operates on a combined basis under the name Blagman-Century Media. The consolidation of the two company?s results in a full service integrated direct marketing venture. Pursuant to the transaction, Blagman Media acquired all of the capital stock of Century for cash and common stock of Blagman Media, assumed current debt obligations and unexercised option and stock appreciation rights of Century and assumed accrued and ongoing trade and other ordinary course obligations and relationships. Prior to the closing, the parties negotiated with the holders of portions of the outstanding Century debt to restructure the term and payments of such debt and in certain cases, to allow for the issuance of shares of common stock of Blagman Media in lieu of cash payments. Currently, Blagman Century remains obligated on certain contingent obligations including $1.25 million from the TMT Media Corporation acquisition by Century in 2000. At closing, holders of Century shares received twenty cents per Century share, of which two and one-half cents was payable in cash and the balance of seventeen and one-half cents was payable by the delivery of shares of common stock of Blagman Media, for a total of $903,292, and 71,882,805 options. In connection with the transaction and prior to closing, Blagman Media, through written consent of shareholders holding a majority of its outstanding shares of common stock, increased the number of authorized shares of its common stock to 5,000,000,000. April 18, 2002 Blagman Media signed a letter of intent to pursue the acquisition of R.C. Romine, Inc., a full-service marketing and advertising firm based in Geneva, Illinois. For over 25 years R.C. Romine has specialized in print ad development and provided a full range of creative marketing and advertising strategies for national clients. These include direct mail pieces, brochure design, corporate identity packages, Web design, graphic design, media planning/buying, brand development, and video production. May 2, 2002 Blagman Media signed a letter of intent to acquire 100% of Santa Monica, California-based ad2, Inc., (www.AD2.com) a privately held new media marketing company. Financial details of the transaction were not disclosed. Blagman Media expect the acquisition to be finalized by June 1, 2002, based upon receipt of any required consents. ad2 will be an operating subsidiary reporting into Blagman Media. Brad Mooberry, founder and president of ad2, and his staff will continue to operate out of their Santa Monica location. Founded in 1980, ad2 has gained both the experience and reputation as accomplished developers of interactive multimedia projects and specialists in creative marketing. The Company was credited with developing the first interactive CD-ROM press kit for the movie industry in 1993 for Amblin Entertainment's "Schindler's List." In the last five years, ad2 has garnered more than 30 top design and interactive awards for many of their CD-ROM and Web projects. ad2's close association with both entertainment and corporate brands has positioned the company as a leading provider of communication tools creating intelligently designed experiences that generate results for their clients. On July 25, 2002, Blagman Media increased the total authorized common stock from 5,000,000,000 to 20,000,000,000, par value $0.001 per share. August 14, 2002, Blagman Media filed an S-8 registering 11,100,000,000 shares of common stock for the 2002 Employee Stock Compensation Plan. During Q2 2002, Blagman Media deemed that 5,426,000,000 shares were fraudulently issued and therefore were not recorded on the books at June 30, 2002. If these shares had been recorded on the books, Blagman Media would have recognized an additional charge of $4,304,300 to professional and consulting fees. Future financial statement adjustments concerning fraudulently issued shares may be required to accommodate legitimate shareholder considerations and those adjustments may require restatements of the financial results to accommodate the accounting treatment for such shares. November 14, 2002, Blagman Media International, Inc. has been selected by Primary Technology Corporation, inventors and manufacturers of the Cellu-lite products line, to develop and supervise a multi-million dollar national campaign intended to appeal to millions of women who suffer from cellulite, a skin condition for which there is no cure. Women who regularly wear the Cellu-lite Product Line will benefit from visibly reduced appearance of cellulite by at least 50%. November 27, 2002, Blagman Media International, Inc. filed a PRE14A, announcing the Special Meeting of Stockholders to be held on December 27, 2002 at 11:30 a.m. Among other things, shareholders will be asked: To approve the grant of discretionary authority to its Board of Directors to amend its Certificate of Incorporation to effect a reverse stock split of Blagman's common stock at a ratio within the range from one-for-two thousand to one-for-five thousand at any time prior to February 1, 2003. To consider and act upon a proposal to amend its Certificate of Incorporation to change the name of Blagman Media International, Inc. to Innovation Holdings, Inc. On March 10, 2003, Blagman Media International, Inc. changed its name to Innovation Holdings, Inc. and its ticker symbol to INOVV. Also, a reverse stock split of the Company's common stock at a ratio within the range from one-for-two thousand to one-for-five thousand was consummated. MISCELLANEOUS BUSINESS INFORMATION: As of September 30, 2002 the Company had an accumulated deficit of $29,474,071 and total stockholder's deficit of $11,789,807. | ||||||||||||||
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