LAS VEGAS, June 8, 2011 (GLOBE NEWSWIRE) -- Inova Technology's (OTCBB:INVA) total contract awards for projects has increased to $47 million. The contracts primarily relate to network solutions projects for school districts to be completed through its wholly-owned subsidiary, Desert Communications.
"Our total awarded contracts is the highest it has been in our history so we are obviously very pleased with the progress our management has made to win these projects," said CEO, Mr. Adam Radly. "This slate of projects will certainly keep us very busy over the next 18 months."
The company receives projects in two stages: The first stage involves being awarded the project and the second stage involves getting approved funding for the project. Projects worth approximately $16 million have already been funded and will be likely completed over the next 12-18 months. The remaining projects will be submitted for funding in the second half of this calendar year. Historically, the majority of the company's projects have been approved for funding. The company will provide updates as additional projects are funded.
Inova previously announced that its revenue for the nine months ended January 2011 was up by 32%, compared to the same period a year ago. The company also previously announced that it paid down $600,000 of debt in February 2011.
About Inova Technology
Inova Technology, Inc. (INVA) is an enterprise level Information Technology solutions provider specializing in providing proprietary RFID solutions, wireless networking, storage and security technology solutions and IT professional services. Our objective is to implement and optimize solutions for our clients with best of breed technology and the best possible service.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: For more information please visit the company website at: http://www.inovatechnology.com or contact Gabe Hawman at phone (406) 862-1601