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Director Changes and Overhead Reduction

21 Jun 2012 07:00

RNS Number : 8295F
Enova Systems, Inc.
21 June 2012
 



21 June 2012

 

 

ENOVA SYSTEMS, INC

 

("Enova" or "the Company")

 

DIRECTOR CHANGES AND OVERHEAD REDUCTION

 

 

Enova Systems, Inc (NYSE AMEX: ENA and AIM: ENV and ENVS), announces that Mike Staran, President and CEO, resigned from the Board of Directors on June 18, 2012 and Mr Richard Davies, Non-Executive Director, resigned on June 19, 2012 from the Board of Directors to pursue other business interests.

The Company announces that Mr Christopher Thunen has been appointed as Non-Executive Director on June 19, 2012.

 

In addition to the board resignations above, among other worldwide EV industry and customer challenges outlined in our periodic filings with the SEC, due to continued delays in industry adoption of EV technology resulting primarily from ongoing battery cost and reliability concerns as previously reported in our Form 10-Q for the quarter ending March 31, 2012, the Company's revenues continue to significantly decrease. As a result, and as part of cost cutting measures, in excess of 80% of our workforce has left the Company. The Company continues to evaluate strategic opportunities to leverage its resources and assist with its continuing operations.

Following reductions in the Company's expense base, the Company currently believes it has sufficient working capital in the short term through year-end to continue operations and market trading. In the meantime, the Directors and management are working to secure the financial security of the Company going forward, and will update the market when further developments occur.

 

 

.

For further information, please contact:

Enova Systems, Inc.

John Micek, Chief Financial Officer

Tel: + 1 310 527 2800

 

Daniel Stewart & Company plc

(Nominated Adviser & Broker)

Paul Shackleton/Jamie Barklem

Tel: + 44 (0) 2078 776 6550

This information is provided by RNS
The company news service from the London Stock Exchange
 
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