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Innovo Group completes sale of private label business

16
May '06
Apparel retailer Innovo Group Inc has completed the sale of the assets of its private label apparel division.

In addition, the company announced the results from its annual stockholders' meeting held on May 12th 2006. The voting results of the annual meeting are as follows:

-- A majority of the shares outstanding voted in person or by proxy in favor of the proposal to approve the sale of the assets of the company's private label apparel division to Cygne Designs Inc. A total of approximately 20.3 million shares voted in favor of this proposal.

-- A majority of the shares present in person or by proxy voted in favor of the ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending November 25th 2006.

-- The seven director nominees who received the highest number of votes for election to the company's Board of Directors were: Samuel Furrow, Samuel Furrow, Jr., Marc Crossman, Kelly Hoffman, Suhail Rizvi, Kent Savage, and Tom O'Riordan.

-- A total of approximately 32 million shares of the company's common stock were represented by proxy at the annual meeting, which reflected approximately 96 percent of the total shares outstanding as of the April 12th 2006 record date.

The company also announced that immediately following the annual meeting of stockholders, at the annual meeting of the Board of Directors, the newly elected Board voted unanimously to re-elect Sam Furrow as Chairman.


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