Innovative Food Holdings, Inc. Announces That It Is Now Current in Its Financial Reporting Obligations and Announces

NAPLES, FL, Jul 31 (MARKET WIRE) --
Innovative Food Holdings, Inc. (PINKSHEETS: IVFH) announced today that it
has filed its 2007 quarterly and annual reports and its quarterly report
for the first quarter of 2008. For the first quarter of 2008, the company
reported slightly higher revenues compared to the same quarter in 2007,
as the company began to see results from some of the initiatives we
implemented to drive sales. Sales for the first quarter of 2008 were
$1.603 million.

Revenues for the year ended December 31, 2007 were $6.7 million compared
to $7.0 in 2006, a decline of approximately 4% which management believes
is a result of a change in product mix and the introduction of the 3-day
saver shipping program. Our operating costs for 2007 and for the first
quarter of 2008 were impacted by high legal, accounting and auditing
costs relating to the restatement of our financial statements. In
addition, we incurred legal fees relating to the efforts to recover our
loans to Pasta Italiana. We are currently in negotiations with Pasta
Italiana to recover our loans and the current discussions include both
cash payments from Pasta Italiana and a minority equity position in Pasta
Italiana. However, there can be no assurances that a settlement will be
reached.

In addition the company announced a realignment of its executive
management team leveraging its strength and experience to maximize
operational resources and that effective July 31st, 2008, Mr. Z. Zackary
Ziakas stepped down from the COO position in order to further expand the
company's procurement capabilities and Mr. Justin Wiernasz was named
President of Innovative Food Holdings, Inc. Mr. Ziakas noted, "I am
pleased to have served in the COO position for the past several years.
Given the importance of procurement to IVFH, I am delighted to now focus
entirely on my position as Executive VP of Procurement which will now
allow me to be further involved in expanding the company's procurement
activities."

Justin Wiernasz, President of Innovative Food Holdings, Inc. and Food
Innovations, Inc., noted, "We continue to build our reputation for
unparalleled quality and service within the gourmet foodservice industry
and we continue to explore additional initiatives designed to increase
sales. Our relationship with our largest customer is excellent and we
believe we are seeing the results of the increased marketing we have made
to targeted divisions within our largest customer. In addition, during the
last several months we have upgraded our software capabilities and have
automated most of our processes including the upgrading of our CRM
capabilities. We believe that our continued focus on our technology and
software improvement will enable us to further drive efficiency in both
our sales and operations."

Sam Klepfish, the Company's CEO, noted, "We are delighted to have
completed the rigorous and painstaking process of filing our financials.
I believe that filing our financial statements is an important step
towards expanding our visibility within the investment community. In
addition, it is currently our intention to apply for an OTCBB listing,
which is an additional step intended to further increase our visibility.
As we look towards expanding our business, we are seeing several trends
within the gourmet food industry overall that we believe could allow for
expansion of Innovative Food Holdings' business model to other areas of
the market. We believe that our strong core gourmet food platform and
business model potentially could allow us to take advantage of several
gourmet markets including retail, and both direct to consumer and
partnership-based web opportunities. We will continue to approach each
potential market strategically and with a goal of bottom line growth and
the building of shareholder value. Finally, I would like to thank our
shareholders for their patience during this past period. I look forward
to further communications with the shareholder community in the months
ahead."

About The Company:

Innovative Food Holdings, Inc. through its wholly owned subsidiary, Food
Innovations, Inc., with a commitment to chef level extreme quality and
service, provides gourmet food products to discerning chefs throughout the
United States.

For information about the Company and its subsidiaries, please visit
www.foodinno.com.

This release contains certain forward-looking statements and information
relating to Innovative Food Holding, Inc. (the "Company") that are based
on the beliefs of the Company's management, as well as assumptions made
by, and information currently available to, the Company. Such statements
reflect the current views of the Company with respect to future events and
are subject to certain assumptions, including those described in this
Release. Should one or more of these underlying assumptions prove
incorrect, actual results may vary materially from those described herein
as anticipated, believed, or expected. The Company does not intend to
update these forward-looking statements.

Contact:
Sam Klepfish
Innovative Food Holdings, Inc.
(239) 449-3235
sklepfish@foodinno.com

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