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

For more information, see http://www.com

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As a result, Image anticipates that a restatement of
the 2004 Financials will be necessary. "The China Insight platform allows for
full analysis on China listed companies," Mr.

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,
petrochemicals , automotive, banking, telecommunications), utilizing
Xinhua Finance's market intelligence to identify potential investment
opportunities;
- Up-to-the-minute corporate finance news and analysis from Xinhua
Finance News, with over 150 articles a day, seamlessly linked to
company fundamentals.

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Image Innovations Holdings Inc. HONG KONG, Xinhua Finance (TSE Mothers: 9399),
China's premier financial services and media company, today announced the
launch of its online China corporate database service, China Insight.

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Xinhua Finance CEO Fredy Bush welcomed the launch of China Insight. "This
product reflects the strength and depth of Xinhua Finance 's China data, news
and information, and also the technical superiority of Mergent's integrated
platform technology," Ms.com .

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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. Worrall said .

The China Insight product can be accessed at http://www.
Pricing details for monthly subscriptions to the product can be obtained
through the e-mail address chinainsight@xinhuafinance .xinhuafinance.

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Bush said.china-insights.

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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.

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"The investment
community has reached the stage where it needs to treat China listed companies
on the same level and in the same way as listed companies on other markets,
and China Insight allows them to analyze them in exactly the same terms.

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, the global business and financial information
provider that Xinhua Finance acquired last year.com

About Xinhua Finance Limited
Xinhua Finance Limited is China's premier financial services and media
company, listed on the Mothers Board of the Tokyo Stock Exchange
(symbol TSE:9399).

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The database, accessed by clients through payment of a monthly fee,
includes all China's 1,300 listed companies with six years of financial
history and allows for full comparative analysis with other global companies.

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The Company provides financial news and information, as
well as a broad array of financial products and services unique to the China
markets.

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Xinhua Finance provides real-time coverage of Chinese and Asian
equity markets , delivering an integrated platform of China-specific indices,
financial news feeds, credit ratings , and investor relations service to global
financial institutions and re-distributors via leased line , Internet, and
satellite technology.

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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 . 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. 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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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.

Xinhua Finance Launches China Insight Corporate Database

The China Insight platform combines the most comprehensive database of
information on all Chinese publicly traded companies , including exclusive news
and ratings information, all within one integrated platform using software
developed by Mergent Inc.

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Jonathan Worrall, CEO of Mergent, who is also in charge of Xinhua
Finance's data products, said China Insight is a ground-breaking product for
both the company and the China market.g.

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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.

Information available with a subscription to China Insight includes:
- Data on over 1,300 Chinese public companies with information including
corporate description, company history , subsidiaries, executive
officers and directors, capital structure, long-term debt and as -
reported financial statements (quarterly and annual);
- Current and historical corporate documents, including annual and
quarterly reports in PDF format;
- Independent credit ratings and research offering critical insight into
over 100 Chinese companies, providing an objective outlook on potential
investment opportunities;
- Comprehensive and insightful analysis of key Chinese industries (e. Founded in 1999, the Company is headquartered in Hong
Kong and has 21 offices and 19 news bureaus across Asia, Australia, North
America and Europe.