LAS VEGAS, Feb. 28, 2011 (GLOBE NEWSWIRE) -- Inova Technology (OTCBB:INVA), through its subsidiary Trakkers LLC, announced that it has filed European Patent Application for the Mi device (Handheld Scanning Device with Triple Data). Inova also announced that it has paid down $600,000 of debt.
The patent application relates to the company's Mi device. This is a proprietary scanner developed by Trakkers that reads RFID, barcode and magstripe cards all from one device. The Mi is also wireless and has a customizable touch screen.
"The Mi scanner is a very unique device that we think can revolutionize the RFID and barcode scanner market. Our customers have used the device extensively in trade shows but now it's time for us to expand into bigger opportunities so we have filed additional patents ahead of the expansion. We have already filed patents in the United States for the Mi," said CEO, Mr. Adam Radly.
Mr Radly also said, "After several quarters of generating substantial positive cash flow we are certainly happy about our ability to start significantly paying down our debt. We paid down $600,000 of debt in the last two months and intend to pay considerably more over the course of calendar 2011."
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. Our objective is to implement and optimize solutions for our clients with best of breed technology and the best possible service.
For more information please visit the company website at: http://www.inovatechnology.com or contact our Investor Relations Firm, Capital Communications Group at (415)332-7200 or richard@capitalgc.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.