LOS ANGELES, Oct. 4, 2004 (PRIMEZONE) -- Innovation Holdings, Inc. (OTCBB:IVHO) announced today that it is moving forward on its letter of intent to acquire a 49% equity interest in Ironwood Furnishings, Inc., a privately-held corporation in the business of wholesale distribution of furniture. As part of Ironwood's overall plan to shift its business from wholesale to retail, Ironwood has entered into an agreement to lease a 12,000 square foot showroom in the Monterey Shore Plaza/Costco shopping center, a prime retail location with freeway frontage located in Palm Desert, California, where it will open its banner showroom known as the "Nothing Over $99 Dollar Furniture and Accessories" store.
"It is their unique, innovative and aggressive approach to the retail furniture business that first attracted us to Ironwood," says Robert Blagman, CEO of Innovation Holdings. Ironwood Furnishings' $99 approach is where we feel the consumer is moving, which is looking for quality at a price point. Ironwood plans to open multiple retail furniture stores in the next 18 months. Their unique and innovative approach is to offer furniture of the highest quality, the best value, the newest designs, and the most satisfying service available for the price/category of merchandise sold from the retail stores at "Nothing Over $99 Dollars." In addition to the "Nothing Over $99 Dollar Furniture and Accessories" store in Palm Desert and subsequent locations to be announced, it is intended that all of the "Nothing Over $99 Dollar Furniture and Accessories" merchandise will also be available through an expedited on-line shipping program targeted for 2005.
Blagman also said, "We are very excited to move towards completing the equity acquisition in Ironwood Furnishings. 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. We are striving to form a new founded synergy in this unique and niche-oriented furniture and service industry."
This statement contains certain forward-looking statements pertaining to future anticipated projected plans, performance and developments and other statements relating to future operations and results. Any statements in this release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or 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, including those detailed from time to time in Innovation Holdings, Inc.'s reports filed with the Securities and Exchange Commission. There can be no assurance that actual results will not differ materially from expectations.