| | Innotelco Inc. Announces Management Discussion and Shareholder Update
Tuesday November 8, 12:56 pm ET
Retires 971,250,000 Shares and Provides Corporate Update on Europe
TORONTO--(MARKET WIRE)--Nov 8, 2005 -- INNOTELCO, Inc. (Other OTC:ILCO.PK - News), a marketer and distributor of telecom hardware and network solutions, announces new share structure and provides a corporate update
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The Company has retired 971,250,000 shares reducing the authorized from 1,597,597.083 to its current position of 626,347,083 authorized and outstanding of which 312,500,000 are restricted. The company is currently evaluating its share structure and will be considering further amendments if required.
Management confirms that it has postponed the China Trip for the New Year. "We expect to finalize all outstanding business that we currently have in Europe, in order to properly focus on strengthening our relationships in Asia," said Ross Sehovic, CEO.
The recent trips to Europe have produced such positive results that the Company has been overwhelmed by the response. Senior management continues to focus its efforts finalizing details that will benefit the Company and its shareholders. Management plans on returning to Europe in December and will keep shareholders updated of their results. "We are extremely pleased with the progress we have made thus far, however, there are many opportunities in the European region for us to capitalize on. Our European development and financing are of paramount importance for Innotelco at this point in time. We have fielded several financing options and are reviewing them with our legal counsel," said Ross Sehovic, CEO.
Further, "As I mentioned before, the company has been extremely busy overseas and has plans to return in December, but while we are in North America our primary focus will be on corporate governance and bringing our public house in order. We have started by evaluating our share structure and now we will get all other affairs concluded so that we can enter any financing agreement with confidence."
"INNOTELCO - Building Bridges for Communication"
About Innotelco, Inc.
Innotelco is a telecom hardware supplier, specializing in servicing emerging markets looking to expand their telecommunications networks. Innotelco products range from indoor and outdoor coaxial cables and accessories to fibre optics and switching equipment.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the Securities Litigation Improvements Act of 1996. The words "believe," "expect," "estimate," "project" and similar expressions define forward-looking statements, which speak only as of the date the statement was made. Innotelco, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Forward-looking statements are currently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated in, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the Company's ability to meet its projected growth, the effects of government regulation, competition and other material risks.
Contact:
Contact:
Innotelco, Inc.
Ross Sehovic
416-259-8444
Website: innotelco.com
Source: INNOTELCO INC
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