Randy Acres President and CEO of Innovex

Innovex, Inc. announced the appointment of Randy Acres as president, chief executive officer and director of the Company, effective December 24, 2009.

For the preceding 21 months, Mr. Acres held the position of senior vice president and chief financial officer. Mr. Acres will continue to serve as the Company’s chief financial officer. "Randy has been integrally involved in the restructuring efforts with customers, suppliers and banking partners and is well positioned to continue leading the Company through this process," stated John Clark, Chairman of the Board.

Clark will continue to serve as Chairman of Innovex’s board of directors.

Before Innovex, Mr. Acres served as Chief Financial Officer – Asia Pacific for Symbol Technologies, Inc and Brocade Communications Systems Inc. Additionally Mr. Acres has more than 11 years experience with various divisions of IBM, including assignments in Thailand and China as the CFO of IBM Storage Products. Mr. Acres spent 8 of the last 10 years in various organizations with responsibility throughout the Asia region and has extensive experience in both business and financial activities.

Additionally, the Company signed a mandate letter with the Standard Chartered Bank (SCB), based in Hong Kong, pursuant to which the Company agreed to work with SCB on an exclusive basis for a period of ninety (90) days to allow SCB to assist the Company in restructuring its capital structure. The letter states the interest of SCB in purchasing all of the Company’s outstanding bank debt, approximately $55 million, from Bank of Ayudhya Public Company Limited and TMB Bank Public Company Limited at a discount from the total value outstanding. Additionally, SCB has indicated its interest in injecting up to $10 million of additional working capital into the Company to allow the Company to take advantage of existing sales opportunities. Any transaction with SCB is subject to the completion of its due diligence and definitive documentation, internal approvals of SCB and acceptable agreements with the Company’s current banks and arrangements or settlements with the Company’s other creditors.

"We are excited about a new partnership with the Standard Chartered Bank," said Acres. "This transaction would provide the needed working capital to grow the Company and bring it back to financial health."