10th Dec 2009 07:00
FOR IMMEDIATE RELEASE:
Enova Highlights Key Growth at the 2009 Shareholder Meeting
Torrance, CA, December 9, 2009 - Enova Systems, Inc (NYSE AMEX: ENA and AIM: ENV and ENVS), a leading innovator of propriety hybrid and electric drive systems propelling the alternative energy industry, reiterated previously disclosed positive growth numbers with investors at the 2009 Annual Shareholder Meeting.
Convening at Enova's Torrance headquarters on Tuesday, December 8, the Shareholder Meeting provided Enova President and CEO Michael Staran the opportunity to highlight several key areas of growth for the company. Following a roundtable format, the meeting also provided investors the opportunity to interact directly with Enova's executive team, including Staran, Chairman of the Board John Wallace, CFO Jarett Fenton, and COO John Mullins.
"Over the past year, Enova saw a significant increase in both sales and customer volume," said Staran, recapping the meeting. "At the same time, Enova succeed in reducing operating costs through lean manufacturing practices and other improved efficiencies."
Highlights from the meeting include:
Impressive growth in Enova's quarter-over-quarter sales.
Increases in customer volume beginning in Q3 2009.
Expanded market penetration among growing customer base including FAW, Navistar and Smith Electric Vehicles.
Advancements in Enova's next-generation drive system which is expected to significantly reduce costs and improve economic payback.
Added Staran, "We expect to see even more growth in the Electric and Hybrid Vehicles market stemming from our recent initiatives with customers such as Freightliner Custom Chassis (FCCC), a subsidiary of Daimler."
"We expect to increase revenues and eventually move toward profitability as we continue our focus on controlling costs," explained CFO Jarett Fenton. "Enova will keep evaluating our 'value versus vision' equation as we plan for future growth."
"With the recent push to deploy cleaner, more efficient vehicles for commercial transportation, Enova is ideally positioned to become a market leader in the emerging EV and HEV segment," reiterated Staran. "Our global customer base is growing, and we believe is ready to fulfill the promise of clean transportation. With our proven technology and next-generation design, we are ready to help them make that transition."
The 2009 Shareholder Meeting encompassed several legal items of business as well, with shareholders approving the issuance of up to 10,348,160 shares of the company's common stock; the appointment of independent auditing firm PMB Helin Donovan, LLP for 2009; and the re-election of Directors Richard Davies, John Micek, Edwin Riddell, Roy Roberts, Michael Staran and John Wallace.
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About Enova
Enova Systems (NYSE AMEX:ENA and AIM:ENV and ENVS) is a leading supplier of efficient, environmentally friendly digital power components and systems products. The Company's core competencies are focused on the development and commercialization of power management and conversion systems for mobile applications. Enova applies unique "enabling technologies" in the areas of alternative energy propulsion systems for light and heavy-duty vehicles as well as power conditioning and management systems for distributed generation systems. The Company develops, designs and produces non-invasive drive systems and related components for electric, hybrid-electric, and fuel cell powered vehicles in both the "new" and "retrofit" vehicle sales market. For further information, contact Enova Systems directly, or visit www.enovasystems.com.
Contact:
Jarett Fenton, CFO/Investor Relations
Enova Systems, Inc.
1560 West 190th Street
Torrance, CA 90501
(310) 527-2800
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