INHC Innolog Holdings Corporation (CE)

FAIRFAX, Va., Nov. 23, 2010 /PRNewswire-FirstCall/ -- Innolog Holdings Corp. (OTC Bulletin Board: INHC) today announced financial and operating results for the nine months and third quarter ended September 30, 2010.

For the nine months ended September 30, 2010, revenue was $4,629,952. Net loss for the period was $4,432,622 or $0.33 per diluted share.  There is no comparable 9 month period for 2009 as March 23, 2009 was the date of the Company's inception.

Revenue for the quarter ended September 30, 2010 was $1,407,778 as compared to $2,005,340 for the comparable period last year. Net loss for the quarter was $3,878,883 or $0.28 per diluted share as compared to a net loss of $479,436, or $0.05 per diluted share for the third quarter of the prior year.

Excluding one time expenses such as goodwill impairment, merger expenses, and one time gains on debt extinguishment and consideration payable, the net loss for the nine and three months ended September 30, 2010 was $1,185,814 and $1,291,723, respectively.

William Danielczyk, Executive Chairman stated, "As we file our first 10Q as a public company, we are encouraged with the progress we've made in the first nine months of 2010. We have opportunistically invested in our sales and marketing initiatives and are enthusiastic about our business strategy. Those investments have been made and we expect to see the financial contribution from those efforts in future quarters. Additionally, the company continues to take aggressive steps to increase revenue while reducing overhead and controlling costs in response to the continued challenging business environment.  We hope to see the positive impact of these steps in 2011."

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.

Innolog is an International Organization for Standardization (ISO) 9001:2008 certified Small Business focused on providing the best possible solutions to its customers through the use of highly qualified experts, sound business practices and customized management tools. Employing professional and technical personnel in support of numerous government entities, Innolog has grown from a staff of eight with a $250,000 contract to its current level of $6 million in annual revenues.

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 Innologs's reports filed with the Securities and Exchange Commission, which are available for review at http://www.sec.gov/.

SOURCE Innolog Holdings Corp.