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The reason why investors still flock to the tech sector for investment opportunities can be summed up succinctly: growth opportunities. The tech industry continues to draw investors not only because of the excitement that these companies create in general, but the rapid pace of change keeps things interesting and fresh. For our list today we focused on tech companies at the small-cap level. The dual aspects of small cap and tech tend to create an environment that is more prone to risk. To temper the exposure, we ran a scan to find tech companies with a high level of liquidity and impressive projected EPS growth rates for the coming year. Clearly, when a company anticipates growth, a substantial cash reserve is a critical asset to overcome any unforeseen obstacles in achieving those growth projections. We think you will find our list of small-cap tech stocks worthy of further analysis.

EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. The 1-Year Expected EPS Growth Rate is an annual growth estimate, where the growth projections are made by analysts, the company or other credible sources.

The Current ratio is a liquidity ratio used to determine a company's financial health. The metric illustrates how easily a firm can pay back its short obligations all at once through current assets. A company that has a current ratio of one or less is generally a liquidity red flag. Now this doesn't mean the company will go bankrupt tomorrow, but it also doesn't bode well for the company, and may indicate that it could have an issue paying back upcoming obligations.

The Quick ratio measures a company's ability to use its cash or assets to extinguish its current liabilities immediately. Quick assets include assets that presumably can be converted to cash at close to their book values. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The quick ratio is more conservative than the Current Ratio because it excludes inventory from current assets, since some companies have difficulty turning their inventory into cash. If short-term obligations need to be paid off immediately, sometimes the current ratio would overestimate a company's short-term financial strength. In general, the higher the ratio, the greater the company's liquidity (i.e., the better able to meet current obligations using liquid assets).

We first looked for small-cap technology stocks. We next screened for businesses with projected high growth, measured by 1-year projected EPS growth above 25%. We then looked for companies with a large amount of cash on hand (Current Ratio>2)(Quick Ratio>2).

Do you think these small-cap stocks should have higher valuations? Please use our list to assist with your own analysis.

1) RF Micro Devices Inc. (RFMD)

IndustrySemiconductor - Integrated Circuits
Market Cap$1.12B

RFMD stock chart

Key Metrics

1-Year Projected Earnings Per Share Growth Rate242.86%
Current Ratio4.05
Quick Ratio3.06
Short Interest6.65%

RF Micro Devices, Inc. designs, develops, manufactures, and markets radio frequency components and compound semiconductor technologies primarily in the United States and Asia. Its products enable mobility, as well as provide connectivity and support functionality in the mobile devices, wireless infrastructure, wireless local area networks, cable television /broadband, Smart Energy/advanced metering infrastructure, and aerospace and defense markets. RF Micro Devices, Inc. was founded in 1991 and its headquarters is in Greensboro, North Carolina.

2) Lattice Semiconductor Corporation (NASDAQ:LSCC)

IndustrySemiconductor - Specialized
Market Cap$452.97M

LSCC stock chart

Key Metrics

1-Year Projected Earnings Per Share Growth Rate229.40%
Current Ratio5.81
Quick Ratio5.08
Short Interest6.22%

Lattice Semiconductor Corporation designs, develops, manufactures, and markets programmable logic products and related software. The company offers field programmable gate array products, including LatticeECP products for deployment in wireless infrastructure and wireline access equipment, as well as in video and imaging applications; and LatticeXP products for the security, surveillance and display markets. Lattice Semiconductor Corporation was founded in 1983 and its headquarters is in Hillsboro, Oregon.

3) International Rectifier Corporation (NYSE:IRF)

IndustrySemiconductor - Integrated Circuits
Market Cap$1.20B

IRF stock chart

Key Metrics

1-Year Projected Earnings Per Share Growth Rate348.70%
Current Ratio4.07
Quick Ratio2.69
Short Interest6.17%

International Rectifier Corporation designs, manufactures, and markets power management semiconductors for distributors, original equipment manufacturers, and contract manufacturers in the Americas, Europe, and Asia. International Rectifier Corporation was founded in 1947 and its headquarters is in El Segundo, California.

4) Mercury Computer Systems, Inc. (NASDAQ:MRCY)

IndustryComputer Peripherals
Market Cap$341.00M

MRCY stock chart

Key Metrics

1-Year Projected Earnings Per Share Growth Rate113.04%
Current Ratio5.62
Quick Ratio4.92
Short Interest2.12%

Mercury Computer Systems, Inc. engages in the design, manufacture, and marketing of embedded real-time digital signal and image processing sub-systems and software for defense and commercial markets. The company has operations in the United States, Europe, and the Asia Pacific. Mercury Computer Systems, Inc. was founded in 1981 and its headquarters is in Chelmsford, Massachusetts.

5) Imperva Inc. (NYSE:IMPV)

IndustryApplication Software
Market Cap$870.44M

IMPV stock chart

Key Metrics

1-Year Projected Earnings Per Share Growth Rate358.30%
Current Ratio3.14
Quick Ratio3.13
Short Interest9.79%

Imperva, Inc. engages in the development, marketing, sales, service and support of data security solutions that provide visibility and control over high value business data across critical systems within the data center. The company was formerly known as WebCohort Inc. and changed its name to Imperva, Inc. in February 2004. Imperva, Inc. was founded in 2002 and its headquarters is in Redwood Shores, California.

Company profiles were sourced from Google Finance and Yahoo Finance. Financial data was sourced from Finviz on 09/28/2012.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure: This article was prepared for ZetaKap Media by one of our full-time analysts. We did not receive compensation for this article (other than from Seeking Alpha), and we have no business relationship with any company whose stock is mentioned in this article.