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Except for the historical
information contained herein, the matters discussed in this news release
are forward-looking statements that involve risks and uncertainties, some
or all of which may cause Image's actual results, performance or
achievements to be materially different from any results, performance or
achievements expressed or implied by such forward-looking statements .

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It's a huge loss but the Detroit fire department did a fabulous job in
protecting the other sites in the area, particularly the nearby Ford Piquette
plant.

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"The old EMF (Everitt-Metzger -Flanders) Studebaker plant was built in
1906 and was used primarily to manufacture, store and ship service parts.

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Since the forensic accounting firm
has not yet completed its investigation, the exact nature and full extent
of the restatement is not known at this point. These
forward-looking statements include: Image's continued history of operating
losses; significant competition in its industry; lack of market acceptance
of its products; difficulty of expansion into additional markets where
Image does not have a presence or significant market penetration;
dependence on current management and future ability to obtain qualified
management personnel; ability to secure outside financing at acceptable
rates or terms; and the other risks detailed from time to time in Image's
SEC Reports , including its Annual Report on Form 10-KSB for the year ended
December 31, 2004 and Quarterly Reports on Form 10-QSB filed throughout
2005.

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However, it is expected
that the restatement will reflect materially lower revenue, and materially
greater net loss, for the fiscal year ended December 31 , 2004.

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"

Image Innovations Holdings Inc.

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"Milwaukee
Junction was home to 60,000 workers every day.

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DETROIT, The following is a statement from Mark
Pischea, Executive Director , MotorCities National Heritage Area regarding the
Studebaker plant fire:

"Last night's fire was a devastating reminder of how important our
automotive historic sites are to all Detroiters and to car buffs everywhere,"
said Mark Pischea, executive director of the MotorCities National Heritage
Area.
"The Ford Piquette plant is an automotive icon that's been undergoing
extensive renovation for what we hope will make it the centerpiece of the
historical Milwaukee Junction area in the future ," Pischea said.

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Statement from Mark Pischea Executive Director MotorCities National Heritage Area on Studebaker Plant Fire

It was home to Ford, Cadillac,
the Fisher Brothers and, of course, Studebaker . The EMF Studebaker plant
would have played a big role in the redevelopment of the area and will leave a
big gap in that piece of Detroit's storied automotive history.

PRESS RELEASE Image Innovations ' Audit Committee Determines That 2004 Financial Statements Can No Longer Be Relied Upon

The forensic accounting firm's preliminary findings concluded that a number
of revenue and receivables in respect of inventory sales of Image were
improperly recorded. As a result, Image anticipates that a restatement of
the 2004 Financials will be necessary.

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Forward-Looking Statements

All statements herein that are not historical facts or that include such
words as "expects," "anticipates," "projects ," "estimates" or "believes" or
similar words are forward-looking statements that Image deems to be covered
by and to qualify for the safe harbor protection covered by the Private
Securities Litigation Reform Act of 1995.

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(OTC BB: IMGV)("Image") today announced that based on preliminary findings
of the forensic accounting firm retained by the Audit Committee to perform
an independent investigation of Image's 2004 financial statements (the
"2004 Financials"), the Audit Committee determined that the 2004 Financials
and the related independent auditor's report can no longer be relied upon.

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