Enova Systems Inc Regulatory News (ENVS)

16 Dec 2005 07:01

Enova Systems, Inc.16 December 2005 Enova Enters into a School Bus Program with Major N.A. Truck and BusManufacturer TORRANCE, CA, December 16, 2005 - Enova Systems, (OTCBB: ENOV and AIM: ENV andENVS), a leading developer and manufacturer of electric, hybrid and fuel celldigital power management systems, announced today that it has entered into ajoint School Bus program with a major North American Truck Manufacturer. The School Bus project will feature Enova's post transmission 80 kW Hybrid DriveSystem and has the potential to lead to future production 2006 and beyond. "Upon successful completion of the first hybrid-electric bus, (scheduled beforeDecember 31, 2005), we believe the annual market demand for these productiondrive systems could grow rapidly based on discussions with this customer. Thecurrent conventional market for school buses in the United States, with thismanufacturer alone, exceeds 60,000 vehicles per annum " noted Enova's CEO, EdRiddell. Enova believes its proprietary environmentaly-friendly technology, inaddition to significant fuel savings to school bus operators, "will have addedbenefits of greatly reduced emissions, as well as noise, assisting town plannersand local authorities in making towns and cities a better place to live in",according to Enova Chairman of the Board Anthony Rawlinson. Enova believes that its strengthened balance sheet - a result of its recentUS$18 million capital raising from London's AIM market - together with itsleading-edge technological position and growing global market presence, createsan ideal environment to attract production-oriented, hybrid-electric drivesystem programs of this type. 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 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. These forward-looking statementsare subject 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 31,2004. 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, Vice President of Marketing This information is provided by RNS The company news service from the London Stock Exchange