InnovaCom Inc. Settles With Burke - Alioto Replaces Koz as Board Chairman
newsalert.com
SANTA CLARA, Calif., Dec. 18 /PRNewswire/ -- InnovaCom, Inc., (OTC Bulletin Board: MPEG),
announced today that it had reached settlement terms with its former President Tom Burke, regarding his
employment with the Company. Under the terms of the settlement, both parties have granted full releases
to the other and each has made a payment to the other with no negative effect on the Company.
"The settlement with Mr. Burke is a significant step forward for InnovaCom," remarks Frank Alioto,
President of InnovaCom. "It puts a financial uncertainty behind us and allows us to dedicate our time and
resources to more productive purposes."
Further, Mark Koz has left the Company to pursue other opportunities. His position as Chief Technical
Officer has been discontinued. In a vote of the Board of Directors, held December 15th, Mr. Alioto
replaced Mr. Koz as Chairman of the Board of InnovaCom Inc. Mr. Koz remains a director of the
Company.
InnovaCom, Inc. is a development stage technology company whose principal product focus is video
compression technology and its related systems. The company's MPEG-2 based product line will target
the digital television, communications and DVD authoring and production marketplaces. InnovaCom, Inc.,
is located at 3400 Garrett Drive, Santa Clara, Calif. 95054. For more information, please call us at: (Ph)
408-727-2447; (Fx) 408-727-6625 or visit our website at: innovacom-mpeg2.com. For Investor
Relations, please call: (ph) 888-464-6764.
This press release contains forward-looking statements. These statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from those anticipated in the forward
looking statement. Factors that might cause such a difference include, but are not limited to, the factors
set forth under "Risk Factors" in the company's registration statement on Form SB-2 which was declared
effective by the Securities and Exchange Commission on May 15, 1998.
Readers should not place undue reliance on forward looking statements, which only reflect the view of
management as of the date hereof. The Company does not undertake the obligation to publicly revise
these forward looking statements to reflect subsequent events or circumstances. Readers should carefully
review the risk factors described in other documents the Company files from time to time with the
Securities and Exchange Commission.
SOURCE InnovaCom, Inc.
/CONTACT: Curtis Chan of Chan & Associates, Inc., 714-447-4993, fax:
714-578-0284, for InnovaCom, Inc.; or Frank Alioto of InnovaCom, Inc.,
408-727-2447, fax: 408-727-6625/
/Web site: chanandassoc.com
/Web site: innovacom-mpeg2.com
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