Innovo Group has announced that Vincent Sanfilippo, an independent director, has resigned from the company's board of directors for personal reasons. Sanfilippo's resignation is not the result of a disagreement with management.
As a result of this departure by Sanfilippo, the company's board presently has 6 members, composed of 3 independent directors.
On February 2, 2006, the company received a NASDAQ Staff deficiency letter indicating that the company fails to comply with the independent director requirement for continued listing set forth by NASDAQ in Marketplace Rule 4350(c)(1), which requires a listed company to have a majority of independent directors serving on its board.
The company has begun the search for a new independent director and intends to regain compliance within the period.
Marc Crossman, Interim CEO, said, "On behalf of the entire Board, I would like to personally thank Vince for his guidance since his appointment to the Board in July 2003. We wish him all the best in his future endeavors. Moving forward, we will be commencing a search for new independent directors in order to be compliant with NASDAQ, as well as to enhance our organization and better position the Company for the future."
Innovo Group Inc, through its operating subsidiaries Innovo Azteca Apparel Inc and Joe's Jeans, Inc is a sales and marketing organization designing and selling apparel products to the retail and premium markets. It currently produces products under license agreements and other agreements for private label and branded products.
The company's apparel products consist of men's and women's denim and denim-related apparel products, including, women's high-end denim jeans and knit shirts featuring, among others, the Joe's Jeans(R) brand.
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