InnoVet Inc. regulatory update

IVT will record a loss of $835,000 on the sale, but will be able to pledge its Enviromed shares as collateral and receive 65 percent of their market value as a loan. The financing will enable IVT to pay off the $600,000 principal balance and interest on a private loan obtained earlier in 1994 and to fund continuing operations. While the sale will reduce IVT’s revenues by about two-thirds, it will cut operating costs by a similar percentage, the West Palm Beach, Fla., company said.

IVT said it plans to liquidate the Enviromed stock in the first quarter, and expects to realize $800,000-$1 million in cash after paying off the loans. ...