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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
AZTECA PRODUCTION INTERNATIONAL INC |
X |
/s/ Hubert Guez, majoirty owner of Azteca Productions International, Inc. | 05/19/2006 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | These shares were issued pursuant to the terms of an Asset Purchase Agreement entered into by and between Innovo Group Inc. (the "Company") and the Reporting Entity dated July 17, 2003. The contingent issuance of these shares was approved by the Company's stockholders at a special meeting of its stockholders on March 5, 2004. The Reporting Entity was not entitled to these shares until certain time periods elapsed and certain contingencies were met, primarily, the average trading price of the Company's common stock being less than $3.00 per share for the period between February 10, 2006 and March 12, 2006. The Reporting Entity paid no additional consideration for the issuance of these shares. The Reporting Entity was not subject to Section 16 of the Securities Act of 1934, as amendeed, immediately prior to the issuance of these 1,041,667 shares. |
(2) | This is the date that the shares were issued by the Transfer Agent. |
(3) | The person exercising sole voting and investment control, and the sole right to receive proceeds in the event of the sale of the shares, of the Reporting Entity are as follows: (i) Hubert Guez, a majority owner of the Reporting Entity, exercises sole voting and investment control and the sole right to receive proceeds in the event of the sale of the shares, of 2,034,220 shares; and (ii) Paul Guez, a majority owner of the Reporting Entity, exercises sole voting and investment control and the sole right to receive proceeds in the event of the sale of the shares, of 2,314,355 shares. |