26th Jun 2007 05:00
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, announced today that in line with the company's corporatesuccession planning policy, CEO Edwin Riddell will retire on October1, 2007, and effective July 1, 2007, Mike Staran has been namedPresident and Chief Operating Officer (COO) of the company. On Mr.Riddell's retirement, Mr. Staran is anticipated to assume CEOresponsibility effective by October 1, 2007. £ Chairman Anthony Rawlinson said, "On behalf of the board, I wouldlike to thank Ed Riddell for his valuable contribution over the last 3years in positioning the company in the Hybrid Electric/Electric DriveSystem space. We look forward to Ed's continued involvement as adirector on Enova's board." £ In January 2007, Mike Staran was named Enova's Executive VicePresident, where he was responsible for Sales and Marketing,Operations, Procurement, Engineering and Investor Relations. Duringhis employment at Enova, Mr. Staran has been integral in thepenetration and development of business with customers such asInternational Truck and Engine, IC Corp, Wrightbus, Verizon, and mostrecently Tanfield. £ Enova's Chairman Anthony Rawlinson added, "Enova has made asignificant emphasis in succession planning. Further, we continue tostrengthen our human resources with capable, effective personnel inorder to meet the requirements of both our existing and potentialcustomer base. Mike has brought vast experience, as well as the visionand the critical skill set required to move us forward into a positionas a World Leader in the Hybrid Electric/Electric Drive Systemmarket." £ Mr. Staran brings over 24 years of experience in businessdevelopment, product management, sales and marketing, and engineering.Mr. Staran was recently working in the automotive industry as thepresident of Effective Solutions People LLC., providing specializedconsulting to the OEM supplier segment. His prior affiliations andwork history range from companies such as Ford, General Motors andDaimlerChrysler to suppliers such as Johnson Controls Inc. and DecomaInternational, where he was vice president of sales and marketing for13 years. At Decoma, a division of Magna International, Mike aided inan overall incremental sales growth of 85% from Cdn$850 million toover Cdn$1.6 billion. Mr. Staran holds a Bachelor of Science degree inMechanical Engineering with a minor in Mathematics from LawrenceTechnological University in Southfield, Michigan. £ 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. £ Additional Information: £ 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 31,2006. Copyright Business Wire 2007Related Shares:
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