TORONTO, July 13, 2005 (PRIMEZONE) -- The management team of Innotelco, Inc. (Pink Sheets:ILCO) is pleased to provide the following corporate updates with regard to its growth plans.
"We have made great strides over the past few months and have signed several contracts, but now our focus is going to be strengthening our ties with our manufacturers in Asia and securing financing that will help us grow and take advantage of the enormous amount of opportunities that are presented before us," said Ross Sehovic, CEO of Innotelco.
Management was invited to participate in a trade tour of China to help strengthen relationships between Chinese manufacturers and European distributors (specifically southeastern Europe).
Management is also currently reviewing financing options that have been placed before them. "We are being very careful in how we approach this because we do not want to finance the company with something that we would consider to be toxic and detrimental to the future of the Company but nevertheless we don't want to leave any potential contracts on the table," said Ross Sehovic.
Greater Opportunities for Market Penetration. Management has been invited by the Serbian and Bosnian governments to participate in a slew of government tenders slated for the fall. "We are extremely excited about this opportunity as we feel we will be in a stronger position to go after some large government contracts, and be contacted by government officials, who are motivated to deal with managers and experts that are from their region, bodes very well for us," said R. Sehovic.
We have opened our Toronto office and are continuing to strive to build goodwill amongst our shareholders by promising to keep them updated of all the news and current status of the company.
Mr. Sehovic concluded, "The last few months have been bittersweet for the Company, we have made some great strides in regards to achieving our business model, however, our optimism has not been reflected in our share price. This is something that management will continue to be considerate of in the future as we do appreciate our shareholders and the support that a lot of them have given the Company. I do welcome the emails I have received and I look forward to a rewarding second half of 2005."
About INNOTELCO Inc.
INNOTELCO Inc. is a marketer and distributor of telecom hardware and network solutions. Products range from coaxial (indoor and outdoor) network cables and accessories to fiber optics and switching equipment.
Safe Harbor Statement
All statements other than statements of historical fact included in this press release are forward-looking statements within the meaning of the private securities Litigation Reform Act of 1995. The forward-looking statements, including statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements (i.e., future operational results and sales) are subject to assumptions and beliefs based on current information known to the company and factors that are subject to uncertainties, risk and other influences, which are outside the company's control, and may yield results differing materially from those anticipated.