NovaSol Makes National Listing

Honolulu-based high-tech company NovaSol cracked into Inc. magazine"s list of the nation"s 500 fastest growing private companies.

The optical-sensor designer and defense contractor"s debut broke a 15-year drought among Hawai"i-based companies on the widely recognized list, which ranks companies based on average annual sales growth.

NovaSol, which was formerly Innovative Technical Solutions, ranked No. 391 with total sales growing 376 percent during a five-year period to nearly $11.8 million in 2003. The company was founded in 1998 and employs about 80 people.

Rick Holasek, NovaSol"s president, credited the company"s success in part to state tax breaks and incentives.

"It is certainly the combination of strong talent and the pro-business climate in Hawai"i that spread our success and landed us on the Inc. 500 list," he said in a written statement.

Members on Inc."s list for 2004 must be in business at least four years and have minimum revenue of $200,000 in fiscal 2000 and $2 million in revenue for fiscal 2003.

The last Hawai"i company to make the list was Lion Coffee, which ranked No. 447 in 1989.

By Sean Hao
Advertiser Staff Writer
Reach Sean Hao at shao@honoluluadvertiser.com or 525-8093.



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