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LAS VEGAS, April 9, 2013 (GLOBE NEWSWIRE) -- Inova Technology (OTCQB:INVA), through its wholly owned subsidiary, Desert Communications, has announced that it recently completed a $367,000 network solutions project for Mineral Wells Independent School District.
Inova CEO, Adam Radly, said, "We are working through our backlog of network solutions contracts as quickly as possible. We're also going to start providing much more frequent updates regarding completion of projects as we proceed."
Mr. Radly also said that "We also expect to be able to provide an update regarding our new backlog in the near future."
The majority of the projects in the current backlog are network solutions projects for government customers in the Texas area. The backlog includes more than 15 customers and consists of a combination of both new and previous customers. The larger projects are network solutions projects for Ft Worth and Dallas School Districts. These projects do not represent all of Inova's revenue for any given period. They only reflect a portion of the revenue generated by Desert Communications and exclude revenue from its other subsidiary, Trakkers.
Inova is also announcing a debt reduction program. In order to start reducing debt some lenders have commenced converting their existing convertible debt to stock pursuant to the terms outlined in previous filings. Mr. Radly said, "Although this will cause dilution, we feel that it is more important to address the medium and long term future of the company and finally actively start the process of lowering debt as opposed to allowing it to increase every quarter and threaten our medium and long term future."
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. For more information please visit the company website at:
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.