Innovative Technology Acquisition Corporation Names Stephen Leibtag as President

NEW YORK--(BUSINESS WIRE)--Dec. 27, 2002--Innovative Technology Acquisition Corporation (OTCBB:ITAQ) announces that Stephen Leibtag has been named President. Mr. Leibtag was previously appointed as a member of the Board of Directors of Innovative Technology Acquisition Corporation, and as President of BioSource Therapeutics, Inc., a wholly-owned subsidiary of ITAQ. Mr. Leibtag replaces Randy Lebow as President of ITAQ.
Before joining ITAQ, Leibtag was Chief Operating Officer of Canadian Prostate Centre, Inc. He was instrumental in leading the company through medical device Phase I and Phase II clinical trials regarding a new therapy for the treatment of prostate cancer. He brings broad experience in international marketing and manufacturing. He is a graduate of the University of Western Ontario.

"I am very pleased to take on the additional role of President of Innovative Technology Acquisition Corp.," Leibtag said, "and I look forward to bringing our current products including Nutraplete, and Virilite to the marketplace."

In other news, Jerry Lederman, of Toronto, Canada, has joined the Board of Directors of ITAQ as an independent director. Mr. Lederman has extensive experience in retail and marketing and has owned several retail businesses since 1959.

BioSource Therapeutics, Inc. is a research and development company that brings the latest cutting-edge bio-technologies together to create nutraceutical products that provide nutritional supplement solutions for people with debilitating, chronic diseases. BST is pioneering in the emerging scientific field of nutritional supplements to support traditional medical treatments and therapies.

Innovative Technology Acquisition Corporation identifies and acquires new and innovative nutraceutical products and dietary supplement companies with promising growth potential.

Statements made in this news release, other than statements of historical fact, are forward-looking statements and are subject to a number of uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the success of product development programs, the regulatory approval process, competitive products, future capital requirements and the extent and breadth of the Company's patent portfolio. 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; 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.

These statements have not been evaluated by the Food and Drug Administration. Products described herein are not intended to diagnose, treat, cure or prevent any disease.

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