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8-K - LIVE FILING - ENOVA SYSTEMS INC | htm_42091.htm |
June 20, 2011
Enova Systems Announces Decision to Maintain AIM Status and Appointment of New Nominated Advisor and Broker
TORRANCE, Calif. Enova Systems Inc. (the Company) (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS) ), a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, has determined to maintain the listing of its ordinary shares on the AIM Exchange. Further to the announcement made on April 21, 2011, and in light of discussions with a number of the Companys shareholders, the board has reviewed its decision to cancel its admission of Ordinary Shares to trading on AIM and has decided to maintain its AIM quotation. The Company believes this decision will best serve the interests of its shareholders, many of whom indicated a desire to continue to support the Company through its quotation on AIM.
Having committed to continue trading its Ordinary Shares on AIM, the Company is pleased to announce the appointment of Daniel Stewart & Company (Daniel Stewart) as its Nominated Adviser and Broker with immediate effect. Daniel Stewart is regarded as one of AIMs leading NOMADs with offices in London and New York. Additionally, Daniel Stewart will provide analyst coverage for Enova.
Enova Chief Financial Officer John Micek said The addition of Daniel Stewart and Company assists our initiative to provide Enovas shareholders with desired analyst coverage, as well as maintain a strong presence with our AIM shareholders.
The Company also has determined that, given its decision to continue trading on AIM, it is in the Companys best interest to move its annual shareholder meeting previously scheduled for June 21, 2011 to the normal meeting time later in the year.
About Enova:
Enova Systems (http://www.enovasystems.com) is a leading supplier of efficient, environmentally
friendly digital power components and systems products. The Companys core competencies are focused
on the development and commercialization of power management and conversion systems for mobile
applications. Enova applies unique enabling technologies in the areas of alternative energy
propulsion systems for light and heavy-duty vehicles as well as power conditioning and management
systems for distributed generation systems. The Company develops, designs and produces non-invasive
drive systems and related components for electric, hybrid-electric, and fuel cell powered vehicles
in both the new and retrofit vehicle sales market. For further information, contact Enova
Systems directly, or visit its Web site at http://www.enovasystems.com.
ENOVA SYSTEMS, Inc.
1560 West 190th Street
Torrance, CA 90501
Tel: 310-527-2800
Contact: John Micek, CFO/Investor Relations
About Daniel Stewart:
Daniel Stewart & Co is an investment bank offering both corporate advisory and institutional stockbroking services and focusing on small and mid-size companies.
The full range of services includes corporate finance, corporate broking, research, sales & trading, debt advisory and investor relations. Daniel Stewart is both a nominated adviser to AIM and a regulated broker to both the Official List and AIM.
Additional Information:
This news release contains forward-looking statements relating to Enova Systems and its products
that are intended to be covered by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that
are not historical facts. These statements can be identified by the use of forward-looking
terminology such as believe, expect, may, will, should, could,project, plan,
seek, intend, or anticipate or the negative thereof or comparable terminology and
statements about industry trends and Enovas future performance, operations and products. These
forward-looking statements are subject to and qualified by certain risks and uncertainties. These
and other risks and uncertainties are detailed from time to time in Enova Systems periodic filings
with the Securities and Exchange Commission, including but not limited to Enovas annual report on
Form 10-K for the year ended December 31, 2010.
For further information please contact:
Enova Systems, Inc. Mike Staran, President and Chief Executive Officer John Micek, Chief Financial Officer |
Tel: +1 310 527 2800 |
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Daniel Stewart & Company
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Tel: +44 (0) 207 776 6550 |
Oliver Rigby