Investment of AED 40 million to set up an InnoVida manufacturing plant in RAKFTZ by Q42006

As the newest member of the Free Zone, InnoVida is poised to usher in its revolutionary and internationally acclaimed products to the region for the very first time.

In the opening remarks, H.H. Sheikh Faisal Bin Saqr AL Qassimi, Chairman of RAKFTZ said

"Ras Al Khaimah Free Trade Zone is always committed to attract technology-based industries that will add value to the industrial sector in the UAE. We in RAK FTZ are proud to provide the opportunity for leading international manufacturing companies to set up their projects with RAK FTZ."

"InnoVida has introduced state of the art composite materials that will allow for housing around the world to be dramatically cost and time efficient to build to be a matter of days or weeks instead of months, this while still offering housing solutions that are waterproof and withstand 300 Kilometers per hour winds while still offering the comfort of a state of the art home" said Claudio Osorio, Chairman and CEO at InnoVida Holdings Inc.

The homes are to be delivered and built in the emirate of Ras Al Khaimah, by first quarter of 2007. InnoVida also announced through its subsidiary in RAK the investment of AED 40 Million for the set up of an InnoVida manufacturing plant at RAK FTZ in in forth Quarter of 2006. The manufacturing plant will be developed by "Volks Wagen" one of the largest car manufacturing companies in the world. InnoVida RAK is planning to open 3 more factories in the UAE and expand the business in the Middle East.

During the function, Mr. Oussama El Omari, CEO of RAKFTZ said: "The innovative excellence and first-of-its-kind aspects of InnoVida are worth supporting. We are dedicated to provide continued support to our investors, hence we will help InnoVida in expanding and marketing their superior products"

Bandar Tareq, CEO of InnoVida MED Ltd said: "InnoVida brings a real solution that can be implemented around the world our turn-key fully equipped homes sell for as low as AED 50 per square foot". "Our Housing solutions can be built in a matter days, for example with a crew of 4, our 36 Square Meters Horizon House has been totally finished in two days."

"Our InnoVida Panels made out of our proprietary "InnoVidaResin" allow for the construction to be made without heavy equipment and the house to be erected without Foundation, Columns or roof structure", said Uli Schwartau, Chief Design and Development officer at InnoVida Holdings Inc., "Also, our proprietary Bonding Material "InnoVidaBond" allows for our panels to be fused together into a mono-block pretty much like a boat and yet our panels can be finished with any decorative materials as needed", Schawartau added. "Our InnoVida Panels have excellent insulation qualities, tests show excellent sound insulation and a temperature variance of only 3 degrees Celsius after 6 Hours", Schawartau added.

Ossama El Omari said: "Turn-key solutions where you can move in and the house is ready to live in is what we needed all along especially in today's business world where the efficiency is an essential element in any sector, InnoVida's technology will dramatically accelerate our ability at RAK FTZ to provide fast produced housing around the world", added El Omari.

The launch of InnoVida at RAK FTZ is another significant milestone in the FTZ's spectacular progress achieved so far in 2006. The FTZ RAK FTZ has witnessed significant economic growth during the year and looks set to continue the success story.