ATLANTA, July 7 /PRNewswire-FirstCall/ -- Innotrac Corporation today updated its previous announcement regarding the appointment of a receiver by the United States District Court in Cleveland, Ohio to identify and administer the assets of the IPOF Fund, L.P. and Mr. David Dadante. In an order issued on July 6, 2006, the Court reset the date of the status hearing from July 10, 2006 to September 13, 2006 due to the Court's calendar. The Court's order also extended the period during which financial institutions holding Company stock owned by the IPOF Fund, Mr. Dadante or Dadante-related entities are prohibited from selling any of these shares until September 15, 2006. The order continued the prohibition on sales as previously modified to permit only such open market sales by the receiver held in these accounts as he may in his sole discretion determine to be consistent with his duty to maximize the value of assets of IPOF Fund, and as warranted by market conditions. The receiver has indicated to the Company that he does not intend to direct any open market sales during the extended period except in circumstances in which he believes that there would be no material adverse impact on the market price for the Company's shares. The Company continues to be engaged in discussions with the receiver to explore all avenues for the disposition of the shares in a manner that causes as little disruption to the market for Company stock as possible, and which would reasonably assure that the shares held by the receiver would be fairly valued in any disposition.
About Innotrac
Innotrac Corporation, founded in 1984 and based in 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 eight fulfillment centers and two call centers in six cities spanning all time zones across the continental United States. For more information about Innotrac, visit the Innotrac Web site, 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 stock price, operating results, performance or financial condition are supply of and demand for shares of the Company's stock and other market dynamics, competition, the demand for Innotrac's services, Innotrac's ability to retain its current clients and attract new clients, realization of expected revenues from new clients, the state of the telecommunications and direct response industries in general, changing technologies, Innotrac's ability to maintain profit margins in the face of pricing pressures and numerous other factors discussed in Innotrac's 2004 Annual Report on Form 10-K and other filings on file with the Securities and Exchange Commission.
