FAIRFAX, Va., Nov. 21, 2012 /PRNewswire/ -- Innolog
Holdings Corp. (OTCBB: INHC) today announced that its wholly owned
subsidiary, Innovative Logistics Techniques, Inc. (INNOLOG) along
with its parent, Innolog Holdings Corporation, refinanced
$500 thousand of bank debt and
$1.5m of affiliated debt to longer
terms. The debts were previously due in September.
As part of the refinancing, certain members of the Board
Directors, along with key outside investors agreed to pay off the
bank debt and refinance it along with extending the terms of their
affiliated debt to a 5 year maturity.
William P. Danielczyk, Executive
Chairman of Innolog Holdings Corporation commented, "Our ability to
refinance the bank debt and affiliated debt into more favorable
terms with longer payoff provisions will allow the Company to
continue its focus on strengthening the balance sheet over the long
term and to pay down other substantial liabilities in the coming
months. The fact that our Directors and lead outside
investors have continued to show the commitment and support of the
company as well as the belief that the Company is heading in the
right direction, sends a strong message to the marketplace."
About Us
Innolog Holdings Corporation was formed in March 2009 as a holding company for the purpose
of acquiring businesses that provide services primarily to federal
government entities. Our primary subsidiary, Innovative
Logistics Techniques, Inc. (www.innolog.com), was founded in 1989
to help the Department of Defense address complex logistics
business problems. The company is a federal government contractor
that brings world-class solutions and leading edge process oriented
thinking to the U.S. military, civilian agencies and state and
local governments to provide solutions to complex logistics
problems.
Additional information is available at www.innologholdings.com.
Statements in this press release that are not statements of
historical or current fact, such as the expectation of future
revenue growth and profitability, constitute "forward-looking
statements". Such forward-looking statements involve known and
unknown risks, uncertainties and other unknown factors that could
cause Innolog's actual results to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. Factors that could cause
Innolog's results to be materially different from the
forward-looking statements include whether Innolog will be able to
find financing when and as it needs it and whether Innolog's
revenues will eventually exceed its expenses. The forward-looking
statements contained herein are also subject generally to other
risks and uncertainties that are described from time to time in
Innolog's reports filed with the Securities and Exchange
Commission, which are available for review at
http://www.sec.gov/.
Contact:
Investor Relations
Andrew Barwicki
516-662-9461 / andrew@barwicki.com
SOURCE Innolog Holdings Corp.