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Apparel products seller Innovo closes private placement

20
Dec '06
Innovo Group Inc announced that it has closed on approximately $3.6 million in new equity financing through a private placement to certain accredited investors.

The accredited investors include entities controlled by William Sweedler and Barry Sternlicht.

The Company has issued 6,834,347 shares of its common stock at a price of $0.53 per share to secure the financing, in addition to warrants to purchase an additional 2,050,304 shares of the Company's common stock at an exercise price of $0.58 per share.

Net proceeds will be used for working capital purposes to fund its plans for continued growth moving into fiscal 2007.

Innovo Group Inc


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