Inova Announces $42 Million Of Awarded Contracts
LAS VEGAS, July 2, 2013 (GLOBE NEWSWIRE) -- Inova Technology (OTCBB:INVA) has announced that through its wholly owned subsidiary, Desert Communications, it has a current backlog of awarded contracts worth $42 million.
Inova CEO, Adam Radly, said, "The Company's contract backlog is very healthy and gives us and our stakeholders a lot of visibility into our future revenue."
The majority of the contracts are for network solutions projects for school districts in the Texas area and involve funding from the federal Erate program. The sequence of events for Erate projects is as follows:
- School districts request bids on a scope of work for specific projects
- Companies like Desert Communications submit proposals
- School Districts award the contract to winning bidder (all of the contracts referenced above have at least reached this level)
- School districts attach the winning bid to the scope of work for the project and submit it to Erate for funding approval.
- School districts receives funding
- School districts and Desert schedule project implementation
- Desert completes project.
- The sales cycle described above can range from 18 months to 36 months (or more)
- Although Desert has been winning such contracts consistently for more than ten years, there is no guarantee that Desert will continue to win such contracts in the future.
- Some projects may not be approved for funding for many reasons.
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