Enova Systems Inc Regulatory News (ENVS)

3 Apr 2007 07:02

Enova Systems, Inc.03 April 2007 Enova Files 2006 10-K, Announces FIRST QUARTER 2007 Purchase Volume, andIntroduces a Strategic Global Initiative TORRANCE, CA, April 2, 2007 - Enova Systems, (AMEX: ENA and AIM: ENV and ENVS),an early stage production company in an emerging industry and a leadingdeveloper of proprietary electric, hybrid and fuel cell digital power managementsystems, today released its 2006 Annual Report on Form 10-K, summarizing itsfinancial results for 2006. Enova Systems also announces that during the firstquarter of 2007 it has so far received product purchase orders from customersexceeding USD $6,000,000. Jarett Fenton, Enova Chief Financial Officer stated "The significant influx oforders received at this point is an excellent sign that the market for theseproducts is growing, and that Enova is poised to capitalize." In 2007, Enova will roll out the first phase of our Global Support ServicesInitiative. This initiative endeavors to provide a truly global service andsupport infrastructure to our customers, many of whom operate fleets of vehiclesall over the world. In coordination with our channel partners, Enova willutilize our competitive advantages to offer integration, retrofit, supply,support, maintenance, upgrade, and other field services to our customers. PhaseI of the Global Support Services Initiative will focus on "in place" customersin specific markets domestically and in Europe and Asia. The second phaseenvisions the finalization of other channel partner relationships across theworld, facilitating our entry into additional markets. The third phase of therollout seeks to establish Enova as assertively supporting our product,worldwide. Mike Staran, Enova Executive Vice President, noted "This is an excitingdevelopment for Enova. We believe we are now positioned as a global supplier ofdrive systems for electric, hybrid and fuel cell applications. We are able to goto a customer or potential customer and, along with offering a reliable andefficient product, we will be able to support that product on a global basis.This is a critical step in supporting Enova as a recognized leader in theindustry." Some recent customer highlights of Enova's accomplishments are: - International Truck and Engine (IC Corp), perhaps the nation's largest SchoolBus manufacturer and Enova have supplied the nation's 1st production HybridSchool Buses. IC Corp currently maintains 60% of the North American School Busmarket. In addition to School Buses, IC Corp is teaming with Enova to supplyhybrid buses to the Commercial Bus Market. - WrightBus, the largest Low-Floor and Double Deck bus manufacturer in theUnited Kingdom has taken delivery of our series hybrid diesel genset andintegrated them into its medium and large bus applications. Six of thesesystems are now running seven days a week 18 hours a day in London. Enovacontinues to work with WrightBus on projects related to Enova's hybrid drivesystems. - Tanfield, the World's largest Electric vehicle Manufacturer, has signed anarrangement with Enova. where Enova will supply electric drive systems forTanfield's 3.5, 7.5 and 12Ton vehicles. -First Auto Works, China's largest vehicle manufacturer has indicated that itintends to purchase Enova's pre transmission hybrid system for FAW's busapplications. - Th!nk and Phoenix Motorcars, Electric Vehicle OEMs, have both utilized Enovaas a supplier of primary components/systems for their vehicles. - Verizon, a Fleet Operator, has recently taken receipt of thirteen (13) servicevans incorporating Enova's technology. Verizon is the nation's 2nd largest FleetOperator with 58,000 vehicles. In addition to Verizon, Enova has begundevelopment work with other large fleet operators in both the service van andpick up and delivery sectors. About Enova: Enova Systems (http://www.enovasystems.com) is a leading supplier of efficient,environmentally friendly digital power components and systems products. TheCompany's core competencies are focused on the development and commercializationof power management and conversion systems for mobile applications. Enovaapplies unique 'enabling technologies' in the areas of alternative energypropulsion systems for light and heavy-duty vehicles as well as powerconditioning and management systems for distributed generation systems. TheCompany develops, designs and produces non-invasive drive systems and relatedcomponents for electric, hybrid-electric, and fuel cell powered vehicles in boththe "new" and "retrofit" vehicle sales market. For further information, contactEnova Systems directly, or visit its Web site at http://www.enovasystems.com. ENOVA SYSTEMS, Inc.19850 South Magellan DriveTorrance, CA 90502310-527-2800Contact: Mike Staran, Executive Vice President/Investor Relations Additional Information: This news release contains forward-looking statements relating to Enova Systemsand its products that are intended to be covered by the safe harbor forforward-looking statements provided by the Private Securities Litigation ReformAct of 1995. Forward-looking statements are statements that are not historicalfacts. These statements can be identified by the use of forward-lookingterminology such as "believe," "expect," "may," "will," "should,'' "could,""project," "plan,'' "seek," "intend,'' or "anticipate'' or the negative thereofor comparable terminology and statements about industry trends and Enova'sfuture performance, operations and products. Except for firm purchase ordersidentified in this Press Release, there are no assurances that any of thereferenced customers will purchase product from Enova or in what volumes. Theseforward-looking statements are subject to and qualified by certain risks anduncertainties. These and other risks and uncertainties are detailed from time totime in Enova Systems' periodic filings with the Securities and ExchangeCommission, including but not limited to Enova's annual report on Form 10-K forthe year ended December 31, 2006. This information is provided by RNS The company news service from the London Stock Exchange