Inova Announces Stock Split
June 12 2013 - 1:56PM
Inova Technology (OTCBB:INVA) has filed a Certificate of Change
with the Secretary of State of Nevada in order to effect a reverse
stock split. The stock split will become effective upon FINRA
approval on approximately June 17, 2013.
Inova CEO, Adam Radly, said, "The Company's share price recently
traded at levels that were dangerously close to par value and
that's totally unacceptable to us and to any potential investor.
It's critical for the company's long term future to be able to use
the Company's stock to raise money and it is extremely difficult to
raise capital when the share price trades at a fraction of a penny
and the number of shares outstanding is extremely high."
Effective at the same time as the reverse stock split, the
authorized shares of our common stock will be decreased in the same
proportion from 2,000,000,000 shares to 20,000,000 shares.
Additional information can be found in a 8K filed today.
Mr. Radly also said that "This is one of several steps that will
be taken to improve the Company's fundamentals. In addition to
having a stock price that will not deter investors these steps will
need to include doing everything we can to address the Company's
debt, protect existing revenue streams, grow organically and grow
by acquisition."
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.
CONTACT: Adam Radly
info@inovatechnology.com
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