Innotrac Updates Status of Trading Restriction on Shares Owned by IPOF Fund

Share Article

Innotrac Corporation (Nasdaq: INOC) today updated its previous announcement regarding the restriction placed on the trading of Company stock owned by the IPOF Fund, L.P. administered by the receiver appointed by the United States District Court in Cleveland, Ohio.

News Image

Innotrac Corporation (Nasdaq: INOC) today updated its previous announcement regarding the restriction placed on the trading of Company stock owned by the IPOF Fund, L.P. administered by the receiver appointed by the United States District Court in Cleveland, Ohio.

The trading restriction placed on financial institutions holding Company stock owned by the IPOF Fund or Dadante-related entities as defined in the Court’s prior orders has been extended indefinitely. Previously, the Court has continuously imposed these trading restrictions through periodic limited duration orders.

The IPOF Fund purchased shares of INOC in the open market over a several year period prior to December, 2005. The Fund and all its assets, including the INOC shares, remain under the direction of the receiver and the United States District Court in Cleveland, Ohio, which determined that it was in the best interest of the individuals who invested in the Fund to restrict these shares from being sold in the open market.

About Innotrac

Innotrac Corporation, founded in 1984 and based near Atlanta, Georgia, is a full-service fulfillment and logistics provider serving enterprise clients and world-class brands. The Company employs sophisticated order processing and warehouse management technology and operates seven fulfillment centers and one call center spanning all time zones across the continental United States. For more information about Innotrac, visit the Innotrac Website, http://www.innotrac.com.

Information contained in this press release, other than historical information, may be considered forward-looking in nature. Forward-looking statements are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Innotrac’s operating results, performance or financial condition are competition, the demand for Innotrac’s services, Innotrac’s ability to retain its current clients, Innotrac’s success in growing its existing client base, developing new business, reducing operating costs in response to reduced service revenues, realization of expected revenues from new clients, the general state of the industries that the Company serves, changing technologies, Innotrac’s ability to maintain profit margins in the face of pricing pressures and numerous other factors discussed in Innotrac’s 2009 Annual Report on Form 10-K and other filings on file with the Securities and Exchange Commission. Innotrac disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

George Hare
Visit website