Sign In
27 May 2008 07:00
Enova Systems Holds 2008 Shareholders Meeting
Highlights include IC Bus Agreement, New Technology, Business Outlook
and Customer Relationships
TORRANCE, CA, May 27, 2008 - Enova Systems, (AMEX: ENA and AIM: ENV and ENVS), a production company in an emerging industry and a leading developer of proprietary electric, hybrid and fuel cell digital power management systems, displayed an array of vehicles and gave detailed insight as to their plans moving forward at its Annual Shareholders Meeting, held on May 22, 2008. The webcast of the Annual Shareholders meeting will be premiering on the Enova Systems website on Tuesday, May 27th. Additionally, the shareholders elected eight members to its Board of Directors. Current members re-elected to the Enova Board include Bjorn Ahlstrom, Malcolm R.Currie, John J. Micek, Edwin O. Riddell and Michael Staran. New nominees elected to the Enova Board were Richard Davies and Roy S. Roberts.
Mr. Roberts has held positions such as Group Vice President for General Motors North America as well as President of International Harvester. Mr Davies is the Managing Director of Jagen Pty, who retains approximately 23% ownership in Enova. Mike Staran, Enova's President and CEO said "The addition of Roy Roberts and Rich Davies strengthens our Board, allowing us further exposure in the automotive sector and a much better understanding of our major shareholders.
A primary highlight of the meeting was Enova's recent Long term Agreement with IC Bus. With IC Bus Management present, Enova explained the historic agreement which is valued at 120M through 2010.
Among many of the other highlights was Enova's display of production hybrid vehicles from Tanfield, IC Bus and Isuzu. In attendance were investors, key customers (IC Bus and Isuzu), Suppliers, and Enova employees. Throughout the presentation, Enova displayed compelling testimonials stressing partnerships from Mr. John McKinney (IC Bus VP), Mr. David Hillman (IC Bus Director), Mr. Roy Stanley (Darwen and Tanfield Chairman) and Mr. Darren Kell (Tanfield Chief Executive). Testimonials confirmed strong partnerships, and the customer's intent to sell hundreds to thousands of Electric and hybrid electric vehicles to both the new and retrofit markets in the upcoming years.
Enova Executive Management stressed the importance of execution, technology and vision. Management displayed Enova's tremendous growth from 384 drive systems in 2007 to 2800 projected drive systems in 2009. They also discussed performance data showing 70% fuel economy improvement with their Post transmission system, as well as new technologies, such as wireless monitoring, which allows Enova to optimize performance for various drive cycles. Management closed the meeting by stressing their focus on executing and moving the company towards profitability.
About Enova Systems, Inc.
Enova Systems is a leading supplier of efficient, environmentally friendly digital power components and systems products. The Company's core competencies are focused on the development and commercialization of power management and conversion systems for mobile and stationary 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 drive systems and related components for electric, hybrid-electric, and fuel cell powered vehicles. For further information, contact Enova Systems directly, or visit its website at http://www.enovasystems.com.
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 Enova's 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 Enova's annual report on Form 10-K for the year ended December 31, 2007. This forward-looking information should be considered only in connection with the aforementioned risk factors. Enova assumes no obligation to update such forward-looking statements.
For further information contact:
T. +44-(0)7956 206 270
Amira Bardichev, UK Investor Relations
Follow the stocks
