SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 22, 2002.
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INNOVO GROUP INC.
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(Exact name of registrant as specified in its charter)
Delaware 5199 11-2928178
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(State or other Jurisdiction (Primary Standard Industrial (IRS Employer
of incorporation) Classification Code Number) Identification No.)
5900 S. Eastern Avenue
Los Angeles, CA 90040
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (323) 725-5516
2633 Kingston Pike, Suite 100
Knoxville, TN 37919
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
Attached as Exhibit 99.1, Press Release dated July 22, 2002.
Item 7. Financial Statements and Exhibits
C. Exhibits
Exhibit No. Description
99.1 Press Release dated July 22, 2002
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Innovo Group Inc.
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(Registrant)
Date: July 26, 2002 By:/s/ Samuel Joseph Furrow, Jr.
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Samuel Joseph Furrow, Jr.
CEO
Exhibit 99.1
Innovo Group Elects Jay Furrow Chief Executive Officer and Relocates Its
Corporate Headquarters to Los Angeles
LOS ANGELES, July 22, 2002 - Innovo Group Inc. (NASDAQ: INNO), a sales
and marketing organization designing and selling apparel, accessory
and craft products to the retail, specialty and premium markets, today
announced that its Board of Directors has elected Samuel J. (Jay)
Furrow, Jr. as its Chief Executive Officer, and is relocating the
Company's corporate headquarters from Knoxville, Tennessee to Los
Angeles, both effective immediately.
Furrow earlier served as President, Acting Chief Financial Officer and
a Director. He succeeds Patricia Anderson-Lasko, who reassumes the
role of President, and continues as a Director. Ms. Anderson, the
founder of the Company, will continue to be based in Knoxville where
the Company's Innovo, Inc. subsidiary will remain.
Furrow became the Company's Vice President for Corporate Development
and In-House Counsel in July 1998, was elected a Director in January
1999, and assumed the role of President in December 2000. He has also
served as the Company's Chief Operating Officer since April 1999 and
its Acting Chief Financial Officer since August 2000.
Patricia Anderson-Lasko has served as President and a Director of the
Company since August 1990, and President of the Company's Innovo, Inc.
subsidiary since she founded that operation in 1987. From August 1990
until August 1997, Ms. Anderson-Lasko was also the Chairman and Chief
Executive Officer of the Company, and she reassumed the title of Chief
Executive Officer in December, 2000.
About Innovo Group Inc.
Innovo Group Inc. through its subsidiaries nnovo Inc., Innovo Azteca
Apparel, Inc. and Joe's Jeans, is a sales and marketing organization
designing and selling craft, accessory and apparel products to the
retail and premium markets. The Company's craft products include
canvas and denim totebags and aprons. The Company's accessory product
line is comprised of such products as licensed and non-licensed
backpacks, totebags, waist packs and handbags. The company's apparel
products consist of knit shirts and women's high-end denim jeans and
knit shirts featuring the Joe's brand. More information is available
at the company web site at www.innovogroup.com.
Statements in this news release which are not purely historical facts
are forward-looking statements, including statements containing the
words "believe," "estimate," "project," "expect" or similar
expressions. These statements are made pursuant to the safe harbor
provisions of Section 21E of the Securities Exchange Act of 1934, as
amended. All forward-looking statements are based upon information
available to Innovo Group Inc. on the date of this release. Any
forward-looking statement inherently involves risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute to
such differences include, but are not limited to, continued
acceptance of the Company's products in the marketplace, successful
implementation of its strategic plan, the extension or refinancing of
its existing bank facility and the restrictions any such extension or
refinancing could place on the company, the ability to obtain new
financing from other financing sources, the ability to generate
positive cash flow from operations and asset sales, competitive
factors, dependence upon third-party vendors, and other risks
detailed in the company's periodic report filings with the Securities
and Exchange Commission. By making these forward-looking statements,
the company undertakes no obligation to update these statements for
revisions or changes after the date of this release. Readers are
cautioned not to place undue reliance on forward-looking statements.
Contact:
Innovo Group, Inc.
Donna Drewrey, 865-546-1110
Investor Relations Network
Tom Gavin, 909-279-8884