LAS VEGAS, June 17, 2013 (GLOBE NEWSWIRE) -- Inova Technology (OTCBB:INVA), through its wholly owned subsidiary, Desert Communications, has announced that it has commenced working on network solutions projects for Clint and Socorro Independent School Districts and received purchase orders totaling $1.4 million. The Company also announced that its recently announced stock split will become effective today.
Inova CEO, Adam Radly, said "The projects for Clint and Socorro will be completed over the next several months. The Company is operating at full capacity at this time of the year so we're doing everything possible to complete projects as quickly possible while maintaining the high standards that result in customers coming back to us for new projects in the future."
Mr. Radly also said "As for the rest of the backlog, we plan to provide a more detailed update regarding our backlog on June 19, 2013. We also plan to provide updates regarding the completion of the major projects that we have previously announced over time as they occur."
The Company's stock split will be effective today. Shareholders and other interested parties should refer to the 8K filed by the Company for more detailed information.
Mr. Radly said "All of our larger stakeholders a happy to see the split become effective in order to avoid seeing the share price trade at or below par value. However, we have received a lot of questions from smaller investors that indicate that there may be some confusion over the split. I want to be clear about the fact that the split was a conventional pro rata split of the common and authorized stock for all shareholders and therefore the split did not cause any increase or decrease in the fundamental value per share. This also means that stock split has not caused any dilution." Mr. Radly added "I've seen some of the questions from investors and they indicate that they do not have a correct understanding of the impact of a stock split and also don't have a correct understanding of other financial information. I strongly encourage them to discuss their investment strategy with a professional financial advisor before making decisions to buy or sell."
The Company has posted some FAQ's on the "Investors" section of its website that addresses some of the more frequently asked questions regarding the stock split. The Company plans to add more FAQ's regarding the business operations and financial state of the Company over time.
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. For more information please visit the company website at: http://www.inovatechnology.com.
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.