FAIRFAX, Va., May 30, 2012 /PRNewswire/ -- Innolog
Holdings Corp. (OTCBB: INHC) announced today that it has entered
into a funding agreement with Glen Hill Investments LLC to provide
up to $6,000,000 of funding to
Innolog. Under the agreement, Glen Hill Investments has
provided $1,750,000 in funding to
Innolog as the lead investor. The Company is working to raise up to
$6,000,000 of total new
funding. (Please see Form 8-K for Innolog Holdings
Corporation).
William P. Danielczyk, Executive
Chairman of Innolog Holdings stated, "We appreciate the confidence
and support which Glen Hill Investments, LLC has demonstrated with
their initial funding and continued commitment to the
Company. This is a major milestone for Innolog following the
challenges we have overcome during the past three years. This
new funding allows the Company to be on track to achieve growth and
profitability by focusing on our core competency. The closing in
this capital market environment is a validation of the business
strategy, market knowledge and industry relationships developed by
our team."
"We are well positioned to execute our business plan and take
advantage of the significant opportunities we see with current and
prospective customers. With this funding, Innolog will
strengthen the balance sheet, fulfill its current backlog and have
the necessary capital to bid on new projects," concluded Mr.
Danielczyk.
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.
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/.
Contact:
Investor Relations
Andrew Barwicki
516-662-9461 / andrew@barwicki.com
SOURCE Innolog Holdings Corp.