Enova Systems Inc Regulatory News (ENVS)

13 Oct 2006 07:01

Enova Systems, Inc.13 October 2006 Enova Trading Update TORRANCE, CA, October 13, 2006 - Enova Systems, (AMEX: ENA and AIM: ENV andENVS), an early stage production company in an emerging industry and a leadingdeveloper of proprietary electric, hybrid and fuel cell digital power managementsystems, announces today an update to its trading prospects. On announcing its 2nd Quarter Results on 11 August 2006, Enova stated thatcustomer relationships had moved more slowly than originally anticipated andthat the revenue outlook for 2006 would depend on securing a number of ordersduring the third quarter, for which proposals had recently been submitted, aswell as securing further orders. Enova subsequently announced a contract with amajor North American fleet operator. Enova is pleased to report that it is maintaining its leading position anddeveloping relationships in segments such as in the School Bus, Commercial Bus,Commercial Truck, Electric Vehicle, Fleet Operations and Delivery markets.Enova is working with major companies (either as customers or in the evaluationphase) within each of these segments. However, these relationships havecontinued to translate into orders more slowly than originally anticipated. Inaddition, where orders have been secured, certain customers, including customersunder the Advanced Energy award announced in July 2006, are not requiringdelivery of the products be made in 2006 calendar year. These factors combinedwill have a substantial impact on anticipated revenues for 2006. Enova believes that interest in hybrid-electric and electric technologies in itstarget markets is continuing to increase, driven by both economic and emissionfactors, and Enova continues to receive positive feedback from its customers andpotential customers. Enova believes it is well positioned to benefit frommarket growth which is taking place more slowly than originally anticipated. 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. This news release contains forward-looking statements relating to Enova Systemsand its products that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminologysuch as "believe," "expect," "may," "will," "should," "could," "project,""plan," "seek," "intend," or "anticipate" or the negative thereof or comparableterminology and statements about industry trends and Enova's future performance,operations and products. These forward looking statements are subject to andqualified by certain risks and uncertainties. These and other risks anduncertainties are detailed from time to time in Enova Systems' periodic filingswith the Securities and Exchange Commission, including but not limited toEnova's annual report on Form 10-K for the year ended December 31, 2005. Thisforward-looking information should be considered only in connection with theaforementioned risk factors. Enova assumes no obligation to update such forward-looking statements. ENOVA SYSTEMS, Inc.19850 South Magellan DriveTorrance, CA 90502310-527-2800Contact: Mike Staran, VP of Marketing/Investor Relations This information is provided by RNS The company news service from the London Stock Exchange