Innovation Holdings Signs Letter Of Intent To Acquire Interest In Ironwood Furnishings
LOS ANGELES, Jul 06, 2004 (PRIMEZONE via COMTEX) -- Innovation Holdings, Inc.
(OTCBB: IVHO) announced today that it has signed a preliminary letter of intent
to acquire a 49% equity interest in Ironwood Furnishings, Inc., a Nevada
corporation. At present, Ironwood Furnishings is a distribution center of
furniture with a complementary collection of hand manufactured Spanish Colonial
pine furniture, classic Russian Cedar garden and outdoor furniture, and selected
traditional and colonial teak, pine and mahogany, and woven furniture from
Indonesia.
In anticipation of this acquisition, Ironwood Furnishings has entered into
strategic manufacturing alliances with experienced, well-established furniture
manufacturing companies with successful track records who manufacture their own
unique product lines. Ironwood Furnishings is on a fast track national expansion
program that includes opening new retail boutique oriented stores to complement
the revenues being derived from its pre-existing wholesale furniture business.
These national retail stores will also act as distribution centers for smaller
regional retail stores on a cost effective basis.
Christopher Kurstin, President of Ironwood Furnishings, states, "Favorable
demographics and a continued strong housing market in the West indicate an
increase in the demand of furniture for the next several years. We believe that
Ironwood Furnishings is ideally positioned to address this demand, which should
result in an increase in sales going forward. Innovation Holdings will play a
strategic position in the marketing of our unique products in our growing chain
of stores and distribution centers in the foreseeable future."
Robert Blagman, Chief Executive Officer of Innovation Holdings, said, "Our
diversifying company is beginning to rapidly expand our business lines by
acquiring a variety of new and innovative businesses to assist in the growth and
future potential of the company driving up both our top and bottom line
projected financial results and is rapidly deploying its Cross Gel technology
earlier announced by the company to create a new founded synergy in this unique
and niche oriented furniture and service industry."
Ironwood Furnishings is currently finalizing negotiations to operate a 20,000
square foot retail store in Cathedral City, California, and expects to have
another retail and regional distribution center open no later than August 2004.
They have identified several locations in California, Nevada and Arizona, and
plan to have 3 superstores open by mid-2005.
In conjunction with the provisions of the Safe Harbor section of the Private
Securities Litigation Reform Act of 1995, this news release contains certain
forward-looking statements pertaining to future anticipated projected plans,
performance and developments, as well as other statements relating to future
operations and results. Any statements in this news release that are not
statements of historical fact may be considered to be forward-looking
statements. Written words such as "may," "will," "expect," "believe,"
"anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or
other variations of these or similar words, identify forward-looking statements.
These statements by their nature are estimates of future results only and
involve substantial risks and uncertainties. There can be no assurance that
actual results will not differ materially from expectations.
SOURCE: Innovation Holdings, Inc.
By Staff
CONTACT: Innovation Holdings, Inc.
Michael Selsman
(818) 426-8737
(C) 2004 PRIMEZONE, All rights reserved.
INDUSTRY KEYWORD: Media
SUBJECT CODE: ACQUISITIONS
RETAIL
Mergers and Acquisitions
