Innolog Announces Refinancing Of Bank Debt
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."
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/.
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SOURCE Innolog Holdings Corp.