SOURCE: Innovo Group Inc.

January 29, 2007 16:00 ET

Innovo Group Inc. Regains Compliance With Nasdaq Listing Requirements

LOS ANGELES, CA -- (MARKET WIRE) -- January 29, 2007 --Innovo Group Inc. (NASDAQ: INNO) announced today that the Company has received notification from Nasdaq that it has regained compliance with the Nasdaq Marketplace Rules by maintaining a closing bid price of $1.00 per share or more for at least 10 consecutive trading days and that the matter is now closed.

About Innovo Group Inc.

Innovo Group Inc., through its operating subsidiary Joe's Jeans, Inc., is a design and sales organization designing, producing and selling apparel products to the retail and premium markets under the Joe's™ and Joe's Jeans® brands. Under these brands, the Company's apparel products consist of men's and women's denim and denim-related apparel products. More information is available at the company web site at www.innovogroup.com or at www.joesjeans.com.

Statements in this news release which are not purely historical facts are forward-looking statements, including statements containing the words "intend," "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements in this press release include, without limitation, the ability of the Company to regain compliance with Nasdaq Marketplace Rules. 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: uncertainty regarding the Company's decisions and available options regarding future actions that may result in failing to maintain compliance with Nasdaq Marketplace Rules, uncertainty regarding the effect or outcome of the Company's decision to related to strategic alternatives; continued acceptance of the Company's products in the marketplace, particularly acceptance and near-term sales of the Company's Joe's® brand; 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, including the possibility of major customers sourcing product overseas in competition with our products; dependence upon third-party vendors; a possible oversupply of denim in the marketplace; 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 Information

  • Contact:
    Innovo Group Inc.
    Dustin Huffine
    323-837-3700