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LAS VEGAS, June 12, 2013 (GLOBE NEWSWIRE) -- Inova Technology (OTCBB:INVA) has filed a Certificate of Change with the Secretary of State of Nevada in order to effect a reverse stock split. The stock split will become effective upon FINRA approval on approximately June 17, 2013.
Inova CEO, Adam Radly, said, "The Company's share price recently traded at levels that were dangerously close to par value and that's totally unacceptable to us and to any potential investor. It's critical for the company's long term future to be able to use the Company's stock to raise money and it is extremely difficult to raise capital when the share price trades at a fraction of a penny and the number of shares outstanding is extremely high
Effective at the same time as the reverse stock split, the authorized shares of our common stock will be decreased in the same proportion from 2,000,000,000 shares to 20,000,000 shares. Additional information can be found in a 8K filed today.
Mr. Radly also said that "This is one of several steps that will be taken to improve the Company's fundamentals. In addition to having a stock price that will not deter investors these steps will need to include doing everything we can to address the Company's debt, protect existing revenue streams, grow organically and grow by acquisition."
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.