Enova Systems Inc Regulatory News (ENVS)

3 Apr 2006 07:02

Enova Systems, Inc.03 April 2006 Enova Business Update TORRANCE, CA, April 3, 2006 - Enova Systems, (OTCBB: ENOV and AIM: ENV andENVS), a leading developer and manufacturer of electric, hybrid and fuel celldigital power management systems, announced today an update to its businessprospects. The 2005 calendar year allowed Enova to further its penetration intothe European and Asian markets, as well as allow Enova to begin relationshipswith significant North American OEMs. It is Enova's expectation thatrelationships with its customers will mature further in 2006. Enova currently ismaking exciting progress in segments such as in the School Bus and Deliverymarkets. These relationships have, however, moved slower than originallyanticipated. A majority of the revenues for the 2006 calendar year areanticipated towards the end of the year. Enova has also engaged in discussionswith a number of new prospects which may lead to (significant) opportunities in2006 or beyond. By aligning with key customers in target markets, as well as engaging with newcustomer prospects, Enova believes that these relationships/alliances willresult in the latest technology being implemented and customer requirementsbeing met, with a minimal level of additional time or expense. Additionalproduction opportunities, although anticipated, have required, however, somefurther development to components utilized for specific parameters and projects. About Enova Systems, Inc. Enova Systems is a leading supplier of efficient, environmentally friendlydigital power components and systems products. The Company's core competenciesare focused on the development and commercialization of power management andconversion systems for mobile and stationary applications. Enova applies unique'enabling technologies' in the areas of alternative energy propulsion systemsfor light and heavy-duty vehicles as well as power conditioning and managementsystems for distributed generation systems. The Company develops, designs andproduces drive systems and related components for electric, hybrid-electric, andfuel cell powered vehicles. For further information, contact Enova Systemsdirectly, or visit its Web site at http://www.enovasystems.com. Enova assumes no obligation to update any forward-looking statements orinformation set forth in this Press Release. Enova's actual results coulddiffer materially from those described in this Press Release. Factors thatcould cause or contribute to such differences include, but are not limited to,those discussed in detail under the heading "Risk Factors" in Enova's 10-K filedwith the SEC on March 31, 2006 and other periodic reports filed with the SEC.These risks should be considered only in connection with the fully discussedrisks and other factors, including Enova's MD&A discussion discussed in detailin the aforementioned 10-K and Enova's other periodic reports filed with theSEC. This Press Release contains forward-looking information about Enova that areintended to be covered by the safe harbor for forward-looking statementsprovided by the Private Securities Litigation Reform Act of 1995.Forward-looking statements are statements that are not historical facts. Thesestatements can be identified by the use of forward-looking terminology such as"believe," "expect," "may," "will," "should,'' "project," "plan,'' "seek,""intend,'' or "anticipate'' or the negative thereof or comparable terminology,and include discussions of strategy, and statements about industry trends andEnova's future performance, operations and products. ENOVA SYSTEMS, Inc.19850 South Magellan DriveTorrance, CA 90502310-527-2800Attn: Mr. Mike Staran, Vice President of Marketing This information is provided by RNS The company news service from the London Stock Exchange