Inova Technology, Inc. (INVA) Increases Contract Awards to Historical Record of $47 Million

QualityStocks would like to highlight Inova Technology, Inc. (OTCBB: INVA), an enterprise level Information Technology solutions provider specializing in providing proprietary RFID solutions, wireless networking, storage and security technology solutions, and IT professional services.

In the company’s news yesterday,

Inova Technology announced that its total project contract awards have increased to $47 million, marking a new milestone for the company.

“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,” Adam Radly, Inova CEO stated in the press release. “This slate of projects will certainly keep us very busy over the next 18 months.”

The contracts are primarily completed by the company’s wholly owned subsidiary, Desert Communications, related to network solutions projects for school districts.

The company noted that it has a two-stage approach with its contracts. The first stage is being awarded the project; the second is getting the approved funding necessary for the project.

Projects valued around $16 million have already been funded and are slated for completion within 12-18 months. Projects surpassing that amount are submitted for funding in the second half of the year, with the majority of projects approved.

Inova previously announced its financial results for the nine months ended January 2011, reporting a 32 percent increase over the comparable period the year prior. The company also previously announced that it slashed its debt by $600,000 in February 2011.

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