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LAS VEGAS, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Inova Technology (OTCBB:INVA) released its 10K for the year ending April 2013 and announced that its subsidiary has received PO's worth $3.5 million from Fort Worth School District.
Inova CEO, Adam Radly, said "Our results show that we had a solid year but we clearly have too much debt. We are constantly assessing and pursuing strategies to reduce our debt. Refinancing the debt will be difficult so we will need to grow our way out of it or try to expand by acquisition."
In the meantime, Inova, through its wholly owned subsidiary, Desert Communications, has announced that it has received PO's worth $3.5 million of network solutions projects for Fort Worth Independent School District. Mr. Radly also said that "We will continue to provide frequent updates regarding the commencement and completion of projects as we proceed."
Inova CEO, Adam Radly, said "We have completed several projects during the summer. Many schools take advantage of the holiday period to get projects completed without disturbing teachers and students
. We are at full capacity right now and trying to work through projects as quickly as possible."
The Company previously announced that it has as a backlog of awarded contracts worth $42 million. More information regarding the backlog can be found in the press release dated July 2, 2013. 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 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.