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biz.yahoo.com
Monday April 12, 8:55 am Eastern Time
Company Press Release
SOURCE: Innovo Group Inc.
Innovo Group Inc. Expands Presence in NASCAR Market With the Receipt of the Tennessee 'National Championship' NASCAR Racing Program License
KNOXVILLE, Tenn., April 12 /PRNewswire/ -- INNOVO GROUP INC. (Nasdaq: INNO - news), a manufacturer and supplier to national and international retailers, including Wal-Mart, K-Mart, Michael's, Hobby Lobby, Dollar General, Profitt's, Goody's and Fabri-Center, announced today that in an effort to increase the Company's existing presence in the NASCAR market the Company has obtained the licensing rights to the Tennessee ''National Championship'' NASCAR racing program.
Innovo has been selected as part of an elite group of licensees who will maximize the retail and promotional opportunities for this program. Innovo will have the licensing rights for backpacks, duffle bags, six pack coolers, sports bags, tote bags, lunch bags, fanny packs and more.
The Tennessee ''National Championship'' racing program features two-time Daytona 500 Champion Sterling Marlin driving a Chevrolet Monte Carlo prepared by Marlin Racing of Columbia, TN. The car to be driven by Marlin will debut a special paint scheme celebrating the University of Tennessee being crowned the unanimous 1998 National Football Champion for college football. The three-race program was approved by the University of Tennessee Athletic Department as a way for Marlin, an avid UT football fan, to congratulate his beloved Volunteers.
Marlin commented that ''I guess I've been a UT fan for as long as I can remember. This was a special way for me, NASCAR fans in Tennessee ... as well as Tennessee football fans everywhere to keep the celebration going.''
Jay Furrow, V.P. of Corporate Development, stated that ''with the success we are experiencing with our existing NASCAR licenses, we are very excited about the potential of the Tennessee 'National Championship' racing program license. NASCAR is growing exponentially and Innovo is in a position to take advantage of the opportunity. Success in the licensed product markets is dependent on having the licensing rights to desirable licenses. Innovo's current licensing family incorporates the best of the sports related licenses and the addition of the Tennessee 'National Championship' NASCAR license will only increase the marketability of the Company's existing product line.''
Innovo Group Inc. designs, markets, manufactures and distributes fashion and sports licensed nylon and canvas products for the multi-billion dollar crafts industry and retail sector in the United States and Europe. Under licensing agreements, the Company's sports lines feature the designs of the NBA, NFL, Major League Baseball, NHL, numerous collegiate teams, Walt Disney and Warner Brothers. Innovo also has certain exclusive and non-exclusive manufacturing and distribution rights for NASCAR licensed products through its relationship with Fan Fueler, a division of Action Performance Companies, Inc.
This press release may contain forward-looking statements made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's product, product demand, competition, capital adequacies, access to additional capital if required and other risks and uncertainties detailed from time to time in the Company's periodic reports including Quarterly Reports on form 1O-Q and Annual Reports on form 1O-K.
Listed: Nasdaq SmallCap Exchange
Trading Symbol: INNO
SOURCE: Innovo Group Inc.
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