USTech Materials Receives PEAR Resin Licensing Agreement
ORLANDO, Fla., July 11, 2001 - Innovative Holdings & Technologies, Inc., (OTCBB:IHTL) has announced that its USTech Materials Corporation (USTM) subsidiary has been granted a worldwide licensing agreement with Ashland, Inc. (NYSE:ASH) for the PolyEther Amide Resin (PEAR) high performance resin system. A previous agreement had been terminated due to the Company's lack of performance regarding certain terms.
Under the new Agreement, USTM has an exclusive license to manufacture and market PEAR resins in the United States, Canada, Mexico, Central America, and, as an addition to this latest agreement, Australia. USTM has a non-exclusive license to manufacture and market PEAR to the rest of the world.
"This new agreement with Ashland, Inc. provides a window of opportunity to initiate USTM's marketing and production initiatives to bring PEAR to the marketplace," said Helmut Wyzisk, Chairman & President of IHTL. "Earlier financing efforts were stymied by unfavorable conditions in the capital markets. Now we can begin the process of raising sufficient capital, naming a management team, and cultivating PEAR's potential applications and marketing partners."
PEAR resins represent a new generation of advanced polymer resins that show promise as superior replacements for traditional, and more costly, fabricating materials. It has many potential applications within industries such as aerospace, automotive, oil & gas, electronic, electrical and sports equipment.
This press release discusses certain matters that may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of Innovative Holdings & Technologies, Inc/USTech Materials Corporation. ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to: the ability of the Company to raise necessary capital; to attract and retain effective management; the lack of viable commercial applications or the failure of third-party contractors to perform their contractual obligations. Prospective investors are also referred to the other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
CONTACT:
Innovative Holdings & Technologies, Inc., Orlando
Helmut Wyzisk, 407/481-8900
Company Web Site:
www.innovativeholdings.com