EX-99.1
2
v128638_ex99-1.htm
Unassociated Document
Exhibit
99.1
Press
release
Inova
Technology agrees to acquire Trakkers, LLC.
October
10, 2008 - Inova Technology, (symbol IVTH) has signed a definitive agreement
to
acquire Trakkers LLC. This transaction has closed and is effective immediately.
For
the
year ending December 2007, Trakker generated revenues of $2.1 million and
pro
forma ebitda of approximately $700,000. Inova acquired Trakkers for $5.89
million consisting of $2.35 million paid at closing, $2.04 million paid in
the
form of a seller note and $1.5 million of preferred stock (non convertible
and
nonvoting). In order to fund the acquisition of Trakkers, Inova raised funds
from its existing shareholders (including two private equity groups) and
one
major existing lender.
Trakkers
manufactures unique multi featured RFID scanners. In September 2007, Trakkers
launched the "mi" scanner. This scanner reads RFID, 1 and 2d bar code as well as
mag stripes. The Mi is also GPRS enabled which allows the scanner to transmit
data to any location by using wireless mobile phone networks. This combination
of features and functionality makes the Mi the only device of its kind in
the
world. Trakkers has filed a patent application and the Mi is currently patent
pending.
Trakkers
will apply its RFID technology to several verticals. Trakkers currently utilizes
its technology to provide the most secure and advanced lead retrieval systems
in
the trade show industry worldwide. Trakkers systems are compatible with 3
different badge formats - RFID, 2d barcode and RFID. There are many synergies
between Trakkers and Inova. The RFID component in the Mi scanner is provided
by
Inova subsidiary RightTag. More about Trakkers can be found at
www.trakkers.com.
The
acquisition of Trakkers will enable Inova to accelerate its business plan
provides the Inova with additional proprietary RFID products, critical RFID
expertise and many new customers that have already adopted the use of RFID
technology.
Inova
CEO, Mr Adam Radly said "The acquisition of Trakkers is critical for our RFID
strategy and our overall growth strategy. Trakkers brings patent pending
technology that is already generating profits and can be applied to many
verticals".
About
Inova Technology, Inc.
Inova
Technology, Inc. has two business units, one providing IT services (Desert
Communications) and another providing RFID solutions (RighTag).
Desert
provides IT services and networking solutions to schools in the southern
states.
Desert has in excess of $20 million of awarded government contracts to be
delivered over the next 18 months. www.descominc.com
RightTag
manufactures RFID equipment and provides customer friendly RFID solutions.
RightTag's current RFID product line includes proprietary handheld scanners,
desktop scanners, printer equipment, RFID tags and other related products.
RightTag has more than 200 customers located in several countries. www.righttag.com.
Press
contact:
Adam
Radly, ir@inovatechnology.com,
Phone
866 467 7740

EX - 99 . 1 2 v128638 _ ex99 - 1 . htm Un associated Document Exhibit 99 . 1 Press release Inova Technology agrees to acquire Trakkers , LLC . October 10 , 2008 - Inova Technology , ( symbol IVTH ) has signed a definitive agreement to acquire Trakkers LLC . This transaction has closed and is effective immediately . For the year ending December 2007 , Trakker generated revenues of $ 2.1 million and pro forma ebitda of approximately $ 700,000 . Inova acquired Trakkers for $ 5.89 million consisting of $ 2.35 million paid at closing , $ 2.04 million paid in the form of a seller note and $ 1.5 million of preferred stock ( non convertible and non voting ) . In order to fund the acquisition of Trakkers , Inova raised funds from its existing shareholders ( including two private equity groups ) and one major existing lender . Trakkers manufactures unique multi featured RFID scanners . In September 2007 , Trakkers launched the " mi " scanner . This scanner reads RFID , 1 and 2d bar code as well as mag stripes . The Mi is also GPRS enabled which allows the scanner to transmit data to any location by using wireless mobile phone networks . This combination of features and functionality makes the Mi the only device of its kind in the world . Trakkers has filed a patent application and the Mi is currently patent pending . Trakkers will apply its RFID technology to several verticals . Trakkers currently utilizes its technology to provide the most secure and advanced lead retrieval systems in the trade show industry worldwide . Trakkers systems are compatible with 3 different badge formats - RFID , 2d barcode and RFID . There are many synergies between Trakkers and Inova . The RFID component in the Mi scanner is provided by Inova subsidiary RightTag . More about Trakkers can be found at www.trakkers.com . The acquisition of Trakkers will enable Inova to accelerate its business plan provides the Inova with additional proprietary RFID products , critical RFID expertise and many new customers that have already adopted the use of RFID technology . Inova CEO , Mr Adam Radly said " The acquisition of Trakkers is critical for our RFID strategy and our overall growth strategy . Trakkers brings patent pending technology that is already generating profits and can be applied to many verticals " . About Inova Technology , Inc . Inova Technology , Inc . has two business units , one providing IT services ( Desert Communications ) and another providing RFID solutions ( RighTag ) . Desert provides IT services and networking solutions to schools in the southern states . Desert has in excess of $ 20 million of awarded government contracts to be delivered over the next 18 months . www.descominc.com RightTag manufactures RFID equipment and provides customer friendly RFID solutions . RightTag 's current RFID product line includes proprietary handheld scanners , desktop scanners , printer equipment , RFID tags and other related products . RightTag has more than 200 customers located in several countries . www.righttag.com . Press contact : Adam Radly , ir@inovatechnology.com , Phone 866 467 7740