Enova Systems Inc Regulatory News (ENVS)

13 Oct 2006 07:00

Enova Systems, (AMEX:ENA) (AIM:ENV) (AIM:ENVS), an early stageproduction company in an emerging industry and a leading developer ofproprietary 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, Enovastated that customer relationships had moved more slowly thanoriginally anticipated and that the revenue outlook for 2006 woulddepend on securing a number of orders during the third quarter, forwhich proposals had recently been submitted, as well as securingfurther orders. Enova subsequently announced a contract with a majorNorth American fleet operator. £ Enova is pleased to report that it is maintaining its leadingposition and developing relationships in segments such as in theSchool Bus, Commercial Bus, Commercial Truck, Electric Vehicle, FleetOperations and Delivery markets. Enova is working with major companies(either as customers or in the evaluation phase) within each of thesesegments. However, these relationships have continued to translateinto orders more slowly than originally anticipated. In addition,where orders have been secured, certain customers, including customersunder the Advanced Energy award announced in July 2006, are notrequiring delivery of the products be made in 2006 calendar year.These factors combined will have a substantial impact on anticipatedrevenues for 2006. £ Enova believes that interest in hybrid-electric and electrictechnologies in its target markets is continuing to increase, drivenby both economic and emission factors, and Enova continues to receivepositive feedback from its customers and potential customers. Enovabelieves it is well positioned to benefit from market growth which istaking place more slowly than originally anticipated. £ About Enova: £ Enova Systems (http://www.enovasystems.com) is a leading supplierof efficient, environmentally friendly digital power components andsystems products. The Company's core competencies are focused on thedevelopment and commercialization of power management and conversionsystems for mobile applications. Enova applies unique 'enablingtechnologies' in the areas of alternative energy propulsion systemsfor light and heavy-duty vehicles as well as power conditioning andmanagement systems for distributed generation systems. The Companydevelops, designs and produces non-invasive drive systems and relatedcomponents for electric, hybrid-electric, and fuel cell poweredvehicles in both the "new" and "retrofit" vehicle sales market. Forfurther information, contact Enova Systems directly, or visit its Website at http://www.enovasystems.com. £ This news release contains forward-looking statements relating toEnova Systems and its products that are intended to be covered by thesafe harbor for forward-looking statements provided by the PrivateSecurities Litigation Reform Act of 1995. Forward-looking statementsare statements that are not historical facts. These statements can beidentified 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 orcomparable terminology and statements about industry trends andEnova's future performance, operations and products. Theseforward-looking statements are subject to and qualified by certainrisks and uncertainties. These and other risks and uncertainties aredetailed from time to time in Enova Systems' periodic filings with theSecurities and Exchange Commission, including but not limited toEnova's annual report on Form 10-K for the year ended December 31,2005. This forward-looking information should be considered only inconnection with the aforementioned risk factors. Enova assumes noobligation to update such forward-looking statements. Copyright Business Wire 2006