Inova Technology Inc. (INVA) scores more contracts, trades higher

Posted on: June 8th, 2011
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Inova Technology Inc. (OTCBB: INVA) climbed in price 46.8% Wednesday morning to 6.9 cents, on phenomenal contract growth of late. Volume of nearly 545,000 shares towered over an all-day average of less than 33,000.

The Las Vegas-based Inova Technology’s 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.

In the June 8, 2011 press release making all this known, Inova CEO Adam Radly commented, “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. 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.

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.

Inova Technology, Inc. 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.

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