Ticker symbol to change from INNO to JOEZ

13 Oct '07

2 min read

Innovo Group Inc announced the voting results from the Company's annual stockholder meeting held on October 11, 2007.
A majority of the shares voted in favor of the following proposals:

• To enter into the previously announced merger with JD Holdings Inc to acquire the Joe's brand;
• To issue 14 million shares of the Company's common stock to Joe Dahan, sole shareholder of JD Holdings, Inc. and founder of the brand, as consideration for the merger;
• The election of director nominees Samuel Furrow, Marc Crossman, Kelly Hoffman, Suhail Rizvi, Kent Savage, and Tom O'Riordan to the Company's Board of Directors;
• To amend the Company's Certificate of Incorporation to change the corporate name from Innovo Group Inc. to Joe's Jeans Inc.;
• To amend the Company's Certificate of Incorporation to increase the number of authorized shares of common stock available for issuance from 80 million to 100 million shares;
• To amend the Company's 2004 Stock Incentive Plan to increase the number of authorized shares available for issuance under the plan by 4 million shares; and
• To ratify the appointment of Ernst & Young LLP as the Company's independent auditors for the 2007 fiscal year.

A total of 41,444,394 shares of company common stock were represented at the meeting, which reflected approximately 91% of the total shares outstanding as of the August 23, 2007 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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