2nd Apr 2007 22:35
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, today released its 2006 Annual Report on Form 10-K,summarizing its financial results for 2006. Enova Systems alsoannounces that during the first quarter of 2007 it has so far receivedproduct purchase orders from customers exceeding USD $6,000,000. £ Jarett Fenton, Enova Chief Financial Officer stated "Thesignificant influx of orders received at this point is an excellentsign that the market for these products is growing, and that Enova ispoised to capitalize." £ In 2007, Enova will roll out the first phase of our Global SupportServices Initiative. This initiative endeavors to provide a trulyglobal service and support infrastructure to our customers, many ofwhom operate fleets of vehicles all over the world. In coordinationwith our channel partners, Enova will utilize our competitiveadvantages to offer integration, retrofit, supply, support,maintenance, upgrade, and other field services to our customers. PhaseI of the Global Support Services Initiative will focus on "in place"customers in specific markets domestically and in Europe and Asia. Thesecond phase envisions the finalization of other channel partnerrelationships across the world, facilitating our entry into additionalmarkets. The third phase of the rollout seeks to establish Enova asassertively supporting our product, worldwide. £ Mike Staran, Enova Executive Vice President, noted, "This is anexciting development for Enova. We believe we are now positioned as aglobal supplier of drive systems for electric, hybrid and fuel cellapplications. We are able to go to a customer or potential customerand, along with offering a reliable and efficient product, we will beable to support that product on a global basis. This is a criticalstep in supporting Enova as a recognized leader in the industry." £ Some recent customer highlights of Enova's accomplishments are: £ -- International Truck and Engine (IC Corp), perhaps the nation's largest School Bus manufacturer and Enova have supplied the nation's 1st production Hybrid School Buses. IC Corp currently maintains 60% of the North American School Bus market. In addition to School Buses, IC Corp is teaming with Enova to supply hybrid buses to the Commercial Bus Market. £ -- WrightBus, the largest Low-Floor and Double Deck bus manufacturer in the United Kingdom has taken delivery of our series hybrid diesel genset and integrated them into its medium and large bus applications. Six of these systems are now running seven days a week 18 hours a day in London. Enova continues to work with WrightBus on projects related to Enova's hybrid drive systems. £ -- Tanfield, the World's largest Electric vehicle Manufacturer, has signed an arrangement with Enova. where Enova will supply electric drive systems for Tanfield's 3.5, 7.5 and 12Ton vehicles. £ -- First Auto Works, China's largest vehicle manufacturer has indicated that it intends to purchase Enova's pre transmission hybrid system for FAW's bus applications. £ -- Th!nk and Phoenix Motorcars, Electric Vehicle OEMs, have both utilized Enova as a supplier of primary components/systems for their vehicles. £ -- Verizon, a Fleet Operator, has recently taken receipt of thirteen (13) service vans incorporating Enova's technology. Verizon is the nation's 2nd largest Fleet Operator with 58,000 vehicles. In addition to Verizon, Enova has begun development work with other large fleet operators in both the service van and pick up and delivery sectors. £ 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 thereofor comparable terminology and statements about industry trends andEnova's future performance, operations and products. Except for firmpurchase orders identified in this Press Release, there are noassurances that any of the referenced customers will purchase productfrom Enova or in what volumes. These forward-looking statements aresubject to and qualified by certain risks and uncertainties. These andother risks and uncertainties are detailed from time to time in EnovaSystems' periodic filings with the Securities and Exchange Commission,including but not limited to Enova's annual report on Form 10-K forthe year ended December 31, 2006. Copyright Business Wire 2007Related Shares:
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