Innovative Holdings Acquires Majority Stake in USTech Materials
ORLANDO, Fla., July 24, 2001 - Innovative Holdings & Technologies, Inc., (OTCBB:IHTL) has announced that it has entered into an a letter of intent with its subsidiary, USTech Materials Corporation (USTM), to increase its stake in USTM to 51%. Consideration includes conversion of existing IHTL debt for USTM stock and IHTL's commitment to fund first round financing for USTM, anticipated to be about $1.5 million. Final closing of this transaction is expected within 30-45 days.
IHTL's USTech Materials Corporation (USTM) subsidiary was recently granted a worldwide licensing agreement with Ashland, Inc. (NYSE:ASH) for the PolyEther Amide Resin (PEAR) high performance resin system.
According to Helmut Wyzisk, Chairman & President of IHTL, "IHTL's acquisition of a majority, non-dilutible interest in USTM will set the stage for the realization of maximum IHTL shareholder value as USTM capitalizes on the enormous potential of its high performance PEAR resin systems."
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.
Innovative Holdings & Technologies, Inc. identifies, acquires and incubates early stage niche technology companies with outstanding growth potential.
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