17th 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, is pleased to announce that it has been chosen as one of LosAngeles Technology Fast 50. The "Los Angeles Technology Fast 50," anannual award program, ranks technology, media, telecommunications andlife sciences companies located in the Los Angeles area by revenuegrowth over five years. Enova's 61% growth placed them as Los Angeles'39th fastest growing companies as recognized by Deloitte & Touche USALLP. £ "Deloitte & Touche congratulates the companies named to thisyear's Los Angeles Technology Fast 50 list," said Anthony J. Buzzelli,Vice Chairman and National Managing Partner, US Regions, Deloitte &Touche LLP. "These successful businesses are indicative of the ongoinggrowth within the Los Angeles-area community and beyond. We arepleased to honor our Technology Fast 50 winners and our Rising StarCompany, which collectively contribute billions of dollars each yearto the Southern California region." £ In addition to the Deloitte Fast 50 award, Enova has beenacknowledged as one of the Top Public Companies as featured in the LosAngeles business Journal 2006. The award was recently presented toEnova systems Chief Executive Officer Edwin Riddell. £ Edwin Riddell, Enova's CEO, said, "Enova is please to berecognized as one of the city's fastest growing companies. Ourworkforce is proud of this accomplishment and we expect our technologyand strong workforce to allow us further growth into the comingyears." £ Winners were selected based on percentage revenue growth over fiveyears from 2001 to 2005. To be considered, Technology Fast 50 entrantsmust: have operating revenues of at least $50,000 in 2001 and at least$5,000,000 in 2005; be headquartered in Los Angeles, Riverside, SantaBarbara, San Bernardino or Ventura counties; own proprietarytechnology or proprietary intellectual property that contributes to asignificant portion of its operating revenues, or devote a significantproportion of revenues to the research and development of technology.Using other companies' technology or intellectual property in a uniqueway does not qualify. Subsidiaries and divisions are not eligible,unless they have some public ownership and are separately traded. £ About Enova Systems, Inc. £ Enova Systems is a leading supplier of efficient, environmentallyfriendly digital power components and systems products. The Company'score competencies are focused on the development and commercializationof power management and conversion systems for mobile and stationaryapplications. Enova applies unique 'enabling technologies' in theareas of alternative energy propulsion systems for light andheavy-duty vehicles as well as power conditioning and managementsystems for distributed generation systems. The Company develops,designs and produces drive systems and related components forelectric, hybrid-electric, and fuel cell powered vehicles. For furtherinformation, contact Enova Systems directly, or visit its Web site athttp://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 2006Related Shares:
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