LAS VEGAS, Sept. 9, 2013 (GLOBE NEWSWIRE) -- Inova Technology (OTCBB:INVA), through its wholly owned subsidiary, Desert Communications, has announced that it has completed significant portions of several larger contracts during calendar 2013 including $3.5 million worth of network solutions projects for Dallas, Socorro and Fort Worth Independent School Districts.
Inova CEO, Adam Radly, said, "We have had a busy summer. This is the preferred time of year for the installation of projects because it causes the least amount of disruption to the schools." Mr. Radly also said, "The projects for Dallas and Fort Worth are still ongoing. There will be more information about the impact of these projects on our revenue for the quarter in the 10Q due for release on approximately September 15, 2013."
The Company previously announced that it has 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, "We will commence the new sales season in October and will look to add to the current backlog. The Company's current contract backlog is very healthy and gives us and our stakeholders a lot of visibility into our future revenue."
Mr. Radly also said, "We will continue to provide updates regarding the commencement and completion of the major projects that we have previously announced over time as they occur."
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.
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: http://www.inovatechnology.com. Contact: Adam Radly, firstname.lastname@example.org.
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.
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