FAIRFAX, Va., Nov. 23, 2010 /PRNewswire-FirstCall/ -- Innolog
Holdings Corp. (OTC Bulletin Board: INHC) today announced financial
and operating results for the nine months and third quarter ended
September 30, 2010.
For the nine months ended September 30,
2010, revenue was $4,629,952.
Net loss for the period was $4,432,622 or $0.33
per diluted share. There is no comparable 9 month period for
2009 as March 23, 2009 was the date
of the Company's inception.
Revenue for the quarter ended September
30, 2010 was $1,407,778 as
compared to $2,005,340 for the
comparable period last year. Net loss for the quarter was
$3,878,883 or $0.28 per diluted share as compared to a net loss
of $479,436, or $0.05 per diluted share for the third quarter of
the prior year.
Excluding one time expenses such as goodwill impairment, merger
expenses, and one time gains on debt extinguishment and
consideration payable, the net loss for the nine and three months
ended September 30, 2010 was
$1,185,814 and $1,291,723, respectively.
William Danielczyk, Executive
Chairman stated, "As we file our first 10Q as a public company, we
are encouraged with the progress we've made in the first nine
months of 2010. We have opportunistically invested in our sales and
marketing initiatives and are enthusiastic about our business
strategy. Those investments have been made and we expect to see the
financial contribution from those efforts in future quarters.
Additionally, the company continues to take aggressive steps to
increase revenue while reducing overhead and controlling costs in
response to the continued challenging business environment.
We hope to see the positive impact of these steps in
2011."
About Us
Innolog Holdings Corporation was formed in March 2009 as a holding company for the purpose
of acquiring businesses that provide services primarily to federal
government entities. Our primary subsidiary, Innovative
Logistics Techniques, Inc. (www.innolog.com), was founded in 1989
to help the Department of Defense address complex logistics
business problems. The company is a federal government contractor
that brings world class solutions and leading edge process oriented
thinking to the U.S. military, civilian agencies and state and
local governments to provide solutions to complex logistics
problems.
Innolog is an International Organization for Standardization
(ISO) 9001:2008 certified Small Business focused on providing the
best possible solutions to its customers through the use of highly
qualified experts, sound business practices and customized
management tools. Employing professional and technical personnel in
support of numerous government entities, Innolog has grown from a
staff of eight with a $250,000
contract to its current level of $6
million in annual revenues.
Additional information is available at
www.innologholdings.com
Statements in this press release that are not statements of
historical or current fact, such as the expectation of future
revenue growth and profitability, constitute "forward-looking
statements". Such forward-looking statements involve known and
unknown risks, uncertainties and other unknown factors that could
cause Innolog's actual results to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. Factors that could cause
Innolog's results to be materially different from the
forward-looking statements include whether Innolog will be able to
find financing when and as it needs it and whether Innolog's
revenues will eventually exceed its expenses. The forward-looking
statements contained herein are also subject generally to other
risks and uncertainties that are described from time to time in
Innologs's reports filed with the Securities and Exchange
Commission, which are available for review at
http://www.sec.gov/.
Contact:
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Investor Relations
Andrew Barwicki
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516-662-9461 /
andrew@barwicki.com
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SOURCE Innolog Holdings Corp.