Enova Systems Inc Regulatory News (ENVS)

30 Nov 2006 07:03

Enova Systems, Inc.30 November 2006 Enova Systems - Notice Regarding Form 10-Q Dated 30 September 2006 TORRANCE, CA, November 30, 2006 - Enova Systems (AMEX: ENA and AIM: ENV andENVS) - Notice Regarding Form 10-Q Dated 30 September 2006. On November 22, 2006 Enova Systems, Inc. (the "Company") was notified by itsauditors, Windes & McClaughry Accountancy Corporation ("Windes") that thefinancial statements contained in the Company's Form 10-Q for the quarter endedSeptember 30, 2006 should no longer be relied upon. The notice conveyed that the Form 10-Q was filed without Windes' expressauthorization and that Windes did not receive certain requested documentation tocomplete its review procedures. At the time it submitted the Form 10-Q forfiling, the Company believed that it was authorized to file the Form 10-Q andhad provided all available information to Windes. The chairman of the audit committee and company representatives have engaged inmultiple discussions about the circumstances underlying this matter with Windesrepresentatives since the filing of the Form 10-Q on November 13, 2006,including at a November 17, 2006 meeting of the audit committee. The Companywill continue to discuss this matter with Windes and will work to address itsconcerns as quickly as possible. In accordance with United States Securities and Exchange Commission ("SEC")rules, the Company has filed a Form 8-K disclosing this matter. Windes has beenprovided with a copy of the Form 8-K and has been requested to furnish a letterto the Company addressed to the SEC stating whether Windes agrees with thestatements made in the Form 8-K and, if not, stating the respects in which itdoes not agree. No later than two business days after it receives Windes'response, the Company will amend its Form 8-K to provide the Windes letter as anexhibit. 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. 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 orcomparable terminology and statements about industry trends and Enova's futureperformance, operations and products. These forward-looking statements aresubject to and qualified by certain risks and uncertainties. These and otherrisks and uncertainties are detailed from time to time in Enova Systems'periodic filings with the Securities and Exchange Commission, including but notlimited to Enova's annual report on Form 10-K for the year ended December 31,2005. This forward-looking information should be considered only in connectionwith the aforementioned risk factors. Enova assumes no obligation to update suchforward-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