LAS VEGAS, Aug. 10, 2011 (GLOBE NEWSWIRE) — Inova Technology (OTCBB:INVA) has released its Form 10-K for the 12 month period ending April 30, 2011. The highlights were as follows:
Revenue increased from ,032,779 for the twelve month period ending April 30, 2010 to ,121,789 for the twelve month period ending April 30, 2011. This is primarily the result of an increase in awarded contracts compared to the previous year.
Total contract awards have reached a total of million. This is the highest level in the company’s history.
EBITDA for the year ending April 30, 2011 was ,595,054 and ,981,979 for the year ending April 30, 2010. EBITDA is Earnings before interest, tax, depreciation and amortization.
Total liabilities was reduced by approximately million
“We are very happy with our performance during a challenging year,” said CEO, Mr. Adam Radly. “We increased our revenue for the previous year and significantly increased our backlog which should allow us to continue to increase revenue over the next two years.”
The company recently announced that it has been awarded approximately million of contracts. 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 million have already been funded and will be likely completed over the next 12-18 months. The remaining projects will be submitted for funding in the second half of this calendar year. Historically, the majority of the company’s projects have been approved for funding. The company will provide updates as additional projects are funded.
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. Our objective is to implement and optimize solutions for our clients with best of breed technology and the best possible service.�
For more information please visit the company website at: http://ping.fm/5fOYt.
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.
CONTACT: For more information please visit the company website at:
http://ping.fm/ERzFf
or contact Gabe Hawman at phone (406) 862-1601
http://bit.ly/qsYDJV
No comments:
Post a Comment