Schedule 14A Information
Proxy Statement Pursuant to
Section 14 (a) of the Securities
Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than
the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or
Section 240.14a-12
Innovo Group Inc.
____________________
(Name of Registrant as Specified In Its Charter)
N/A
____________________
(Name of Person(s) Filing Proxy Statement)
Payment of Filing Fee (Check the appropriate box):
[ ] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-
6(j)(2) or item 22(a)(2) of Schedule 14A.
[ ] $500 per each party to the controversy pursuant to Exchange
Act Rule 14a-6(i)(3).
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4)
and 0-11.
1. Title of each class of securities to which transaction
applies:
N/A
____________________
2. Aggregate number of securities to which transaction applies:
N/A
____________________<PAGE>
3. Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (Set forth the
amount on which the filing fee is calculated and state how it
was determined:
N/A
____________________
4. Proposed maximum aggregate value of transaction:
N/A
____________________
5. Total fee paid:
N/A
____________________
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the
date of its filing.
1. Amount Previously Paid:
N/A
____________________
2. Form, Schedule or Registration Statement No.:
N/A
____________________
3. Filing Party:
N/A
____________________
4. Date Filed:
____________________
<PAGE>
FOR IMMEDIATE DISTRIBUTION
CONTACT: KIRK MILLER, 615-384-0100, EXT. 464
INNOVO GROUP SETS DATE FOR 1997 ANNUAL MEETING
SPRINGFIELD, TENNESSEE, February 28, 1997 - INNOVO GROUP INC.
(NASDAQ Symbol: INNO), the manufacturer and marketer of a broad
line of fashion, utility and sport bags, licensed t-shirts and
ladies at-home wear, today announced that it had set April 4, 1997
as the date for its 1997 annual stockholders' meeting, which will
be held in Springfield, Tennessee. The company also announced that
the definitive proxy materials had been filed with the SEC and that
the proxy statements, along with the 1997 annual report, would be
mailed to the stockholders in the first week of March.
Innovo officials also announced that the final proxy statement
reflected certain changes from the preliminary proxy statement the
Company had filed in February:
- The number of new common shares that the stockholders'
will be asked to authorize was decreased from 60 million to 40
million. The authorization of the 40 million additional shares
would place the company's authorized capital at 70 million common
shares.
- The exercise price of an option being granted to Innovo's
president, Patricia Anderson-Lasko, has been revised. The exercise
price will be the higher of the April 4 market price or $9/32.
- The final proxy materials disclose a revision to Ms.
Anderson-Lasko's employment contract to eliminate her right to a
mortgage loan from the company. Innovo's president had never
received the loan, and agreed to eliminate her right to it.
Company officials stressed that the proposal to increase the
number of authorized common shares did not mean that those shares
would in fact be issued, and that, except for certain shares that
would be reserved for outstanding common stock warrants or
conversion rights, there were presently no plans or commitments for
transactions that would involve issuing shares.
The proposals to be voted on at the annual meeting include the
election of directors, the authorization of common and preferred
shares, and the adoption of a new stock option plan. The record
date for the meeting is February 15, 1997.
Innovo also indicated that it expected to file its 1996 annual
report with the SEC on February 28, 1997 and to release earnings
information March 3, 1997.
Innovo Group manufactures and markets a wide range of both
fashion oriented and utility and sports designed tote, laundry and
duffle bags, lunch bags, fanny packs, aprons and other canvas craft
products, as well as sports-licensed bags and backpacks and
licensed t-shirts. The company's fashion lines are based on its
own designs, while the sports lines feature both company designs
and the logos of NFL, MLB, NHL, NBA, and college teams. Innovo is
also a licensee of and supplier to the U.S. Olympic Teams and holds
licenses from Walt Disney, Warner Bros., Anheuser-Busch Cos. and
sports artist Gary Patterson. Innovo's Thimble Square subsidiary
manufactures and distributes a ladies' ready-to-wear at home, sleep
and lounge wear from plants in Georgia.
LISTED: NASDAQ SmallCap Market
TRADING SYMBOL: INNO
