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. Inova operates through two subsidiaries, Desert Communications and RightTag.
Desert is focused Information Technology and has contracts to supply IT services to IBM as well as provide IT services through many school districts. RightTag provides leading edge RFID solutions for many industries, and while the lesser revenue-generator for Inova, holds exponential growth potential as RFID technologies continue to become the mainstream.
Today, it was announced that Desert Communications completed more than $1.4 million worth of network solutions projects between January and March 2011; typically the Company’s slow time of the year. The projects were completed for Lamesa Independent School District (“ISD”), San Eli ISD, Seagraves ISD, Sundown ISD, Denver City ISD, Ft. Hancock ISD, Irving ISD, Fort Worth ISD, Abilene ISD, Ysleta ISD.
The Company previously announced that its revenue for the nine months ended January 2011 was up by 32%, compared to the same period a year ago. Inova also previously announced that it paid down $600,000 of debt in February 2011 as well as holds a backlog of work in excess of $20 million. Information from the most recent 10-Q SEC filing showed that net revenues increased from $12,874,705 in the nine month period ending January 31, 2010 to $17,068,621 for the nine month period ending January 31, 2011.
Inova Chief Executive Officer, Adam Radley, also added, “The Company has also bid on numerous additional projects and we are expecting to be informed of the results of those bids during April 2011″.
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 that form part of the Inova backlog are projects that are both awarded and funded.
More information on Inova Technologies and its subsidiaries can be found on the Company’s website at www.inovatechnology.com