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Technology Stocks : Innovacom (MPEG), [announced single chip MPEG-2 encoder] -- Ignore unavailable to you. Want to Upgrade?

To: Alberto Llaurador who wrote (5656)	6/23/1998 5:27:00 PM
From: M.Welf	Read Replies (1) \| Respond to of 6297

Tuesday June 23, 4:58 pm Eastern Time Company Press Release SOURCE: InnovaCom, Inc. Frank Alioto Named President of InnovaCom 'Company Secures Funding For Working Capital' SANTA CLARA, Calif., June 23 /PRNewswire/ -- The Board of Directors of InnovaCom, Inc., (OTC Bulletin Board: MPEG - news), announced today that Frank J. Alioto has been elected President of the company and appointed to the company's Board of Directors. ''Mr. Alioto, who has had a distinguished career with an impressive track record in the video industry, is the ideal person to fill the vacancy created by the recent departure of Thomas E. Burke,'' says board member Mark Koz. ''Mr. Alioto has been a consultant to the company for the past six months and during that time, has consistently proven his capabilities to lead the company forward. Mr. Alioto will also fulfill all of the duties and responsibilities of the company's Chief Executive Officer until such time as the Board chooses to appoint a new CEO.'' Mr. Alioto was most recently the Chief Operating Officer of Alamar Electronics. He joined Alamar in 1993 and together with the company founder, led the company to a successful financial turnaround shortly thereafter. Mr. Alioto played a key role in getting Alamar acquired by Philips N.V. in 1995. Prior to Alamar Electronics, Mr. Alioto co-founded the ALTA GROUP in 1985, a manufacturer of advanced digital video systems for professional use. He served as Vice President of Marketing and Sales with other general management responsibilities until the company was successfully acquired by Dynatech in 1987. Before founding the ALTA GROUP, he was the Director of Broadcast Sales at ADDA Corporation. In addition, he also held management and production positions with prominent major market television broadcast facilities in the Eastern United States. ''My near term goals for the company are to reduce corporate expenditures, focus the company's resources on product production and sales and re-direct InnovaCom's strategic direction towards the evolving digital television, communications and DVD industries,'' asserts Mr. Alioto. ''We have implemented an aggressive program to productize our MPEG-2 technology and hope to begin shipment of a family of products shortly that will allow video professionals to more easily transition from the analog world to the new digital era.'' As part of the company's new direction, JNC Strategic Fund Ltd., an affiliate of the JNC Opportunity Fund, has reached an agreement with InnovaCom to advance the company $500,000 in short term convertible debt. The advance is part of a larger financing package totaling $2 million dollars which is anticipated to be done on terms and conditions similar to the $5 million convertible debenture acquired by JNC Opportunity Fund in December of 1997. 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. ------------------------------------------------------------------------ More Quotes and News:InnovaCom Inc (OTC BB:MPEG - news)Related News Categories: computers ------------------------------------------------------------------------ Help ------------------------------------------------------------------------ Copyright c 1998 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?

To: Alberto Llaurador who wrote (5656)	6/23/1998 5:29:00 PM
From: M.Welf	Read Replies (1) \| Respond to of 6297

Tuesday June 23, 5:06 pm Eastern Time Company Press Release SOURCE: InnovaCom, Inc. Director Resigns From Board at InnovaCom SANTA CLARA, Calif., June 23 /PRNewswire/ -- InnovaCom, Inc., (OTC Bulletin Board: MPEG - news), a development stage technology company whose principal product focus is video compression technology and its related systems, announced today that Peter J. Sprague has resigned from the company's Board of Directors. Mr. Sprague's departure is due in part, to the company's recent restructuring and new product direction. ''We wish Mr. Sprague all the best in his future endeavors'', remarks Frank Alioto, the newly elected President of InnovaCom. ''His contributions to our company during his tenure as a board member, is greatly appreciated.'' For more information about InnovaCom and its products, please call: (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. ------------------------------------------------------------------------ More Quotes and News:InnovaCom Inc (OTC BB:MPEG - news)Related News Categories: computers ------------------------------------------------------------------------ Help ------------------------------------------------------------------------ Copyright c 1998 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?