Inova Technology, Inc. is one of those companies that just quietly goes about its business. In the OTC world, many companies will go to great extremes to make a ruckus in an attempt to receive investor’s attention. Inova is not one of those companies. The company maintains a tight share structure that includes less than ten million shares in its float and a small market cap of only approximately $4 million; and that is with the price surge that came about today on news of another project to add to its ever-expanding backorder of work.
Inova has two wholly-owned subsidiaries that generate revenue. RighTag manufactures RFID products which have been sold to a number of high profile clients including Honeywell, Northrup Grumman, Gerber Coburn and the U.S. Dept. of Defense. Today was a day for the other subsidiary, Desert Communications, to announce news of another project officially coming their way.
E-Rate 13 Projects are federally-funded projects that require a process for approval and initiation. For the companies involved, the first step is being awarded the project and the second step involves receiving approved funding for the project. Inova announced today that Desert Communications has been notified of funding approval for their awarded project of a network solutions project for the Abilene Independent School District. With a value of $1.327 million, the project involves installing various network solutions for 20 schools. Now that this portion of the bidding and awarding process has been completed, Desert will begin working closely with the school district to schedule and implement the project as soon as possible.
The $1.3 million order will now be placed alongside other projects that have pushed a backlog in excess of $20 million for Desert Communications. There doesn’t appear to be any slowing down, however, as the Inova CEO, Adam Radly, commented, “The company has also bid on numerous additional projects and we are expecting to be informed of the results of those bids during February and March.”
Although they are quietly going about business now, investors may be taking notice of Inova with more press releases of this magnitude. More information in the required due diligence process can be found on the Inova website at www.inovatechnology.com