Inova Technology Announces Quarterly Results, Stock Now Trading on Over the Counter Bulletin Board
SANTA MONICA, Calif., March 22 /PRNewswire-FirstCall/ -- Inova Technology, Inc. (OTC Bulletin Board: INVA), (http://www.InovaTechnology.com/), announced today its common stock is now trading on the Over the Counter Bulletin Board (OTC BB).
"We are fully reporting with the U.S. Securities & Exchange Commission and join more than 3,300 other companies, overseen by 230 market makers, on the OTC BB, where, daily, more than 1.4 billion shares are traded valued at more than $72 million. The OTC BB also is frequently the gateway to the American and New York Stock Exchanges and NASDAQ," said Adam Radly, CEO.
The Company also announced it has filed with the SEC its Form 10Q for the three and nine month periods ended January 31, 2010. The Company reported revenues of $12.9 million for nine months and $3.8 million in the third quarter. The bulk of the revenues are derived from Desert Communications, Inc., a wholly-owned subsidiary, which provides network solutions for hundreds of school districts, universities and municipal governments. Inova Technology also specializes in providing RFID solutions, wireless networking, storage and security technology solutions and IT professional services
The Company reported EBITDA (earnings before interest, tax, depreciation and amortizations), totaled $350,799 in the third quarter. Furthermore, the company highlighted its ability to decrease operating expenses in the quarter from $1.94 million to $1.66 million highlighting the company's efforts to improve its balance sheet and enhance operating leverage as the economy continues to improve.
About Inova Technology
Inova Technology, Inc. (INVA) is an enterprise level information technology solutions provider specializing in providing RFID solutions, wireless networking, storage and security technology solutions and IT professional services. Its objective is to implement and optimize solutions for clients with best of breed technology and the best possible service. INVA has two complimentary business units, RightTag Inc., providing RFID solutions to manage and track objects, the other, Desert Communications., Inc., providing network solutions for hundreds of entities since its inception in 1994.
For more information please visit the Company website at: http://www.inovatechnology.com .
Safe Harbor Statement: 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: Adam Radly, CEO |
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SOURCE Inova Technology, Inc.
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