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

To: Nutbuster who wrote (5713)	7/10/1998 8:56:00 PM
From: Alex Dominguez	Read Replies (1) \| Respond to of 6297

25 cents is a bargain..... SANTA CLARA, Calif., July 10 /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 it has received $2 million dollars in proceeds from a convertible debenture, to be used as working capital. An existing institutional investor has provided the $2,000,000. The financing package will be due on June 29, 2003, with an annual interest rate of 7% per annum, payable quarterly in arrears. Under the terms of the agreement, warrants totaling 700,000 shares can also be exercised. In addition to the new funding, InnovaCom also announced that it has dramatically reduced its monthly operating costs by more than one-half. Board Chairman Mark Koz remarked, '' Frank Alioto and his turnaround team have taken very quick and decisive steps to impose strict financial controls and processes at InnovaCom. All personnel and financial resources are squarely aimed at bringing our products to market as quickly and as efficiently as possible.'' 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) 888-464-6734. 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