Innovative Holdings Board of Directors OK's Merger With USTech Materials Corporation Subsidiary

    ORLANDO, Fla.--Nov. 27, 2001--The Board of Directors of Innovative Holdings & Technologies, Inc. (OTCBB:IHTL) has voted in favor of the company merging with its USTech Materials Corporation subsidiary.
    The new corporation will be named USTech Materials Corporation (USTM) and listed with a new stock symbol on the OTC/BB. The merger will be completed as soon as possible. IHTL will swap a yet-to-be-determined number of its shares for the shares of USTM. The transaction will not include reversal of IHTL stock.
    This change is intended to reflect the Company's emphasis on developing its high performance materials operations on a global scale. The Company's flagship high performance polymer resin brand is PolyEther Amide Resin (PEAR), manufactured and marketed under a worldwide licensing agreement with Ashland, Inc. . The Institute for Environmental and Industrial Science (IEIS)/Polymer Research Group at Southwest Texas State University provides manufacturing, R&D and customer support.
    For more information on USTech Materials Corporation, including detailed technical and application data related to the high performance PEAR resin system, visit http://www.innovativeholdings.com and click on the USTech Materials Corporation pages.
    PEAR high performance resins represent a new generation of advanced polymers 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.