13th Jul 2007 07:00
Enova Systems, Inc.12 July 2007 ENOVA SYSTEMS Issues Trading Update; Joins Russell Microcap(TM) Index TORRANCE, CA, 13 July, 2007 - Enova Systems, (AMEX: ENA and AIM: ENV and ENVS),an early stage production company in an emerging industry and a leadingdeveloper of proprietary electric, hybrid and fuel cell digital power managementsystems, is issuing a trading update and announcing its inclusion in the RussellMicrocap indexes. Ahead of institutional visits in London next week, Enova Systems has issued thefollowing trading update. In the first half of 2007, Enova has continued to enjoy increased production forits key customers. The Company has strengthened its relationships with somemajor companies in the industry, including Tanfield, IC Corp, Think, Verizon,and Hyundai. Recently, Enova has partnered with a major Asian-based OEM toprovide hybrid drive systems. In the second half of the year, the Company expects to open its European supportcenter. This support center, as part of Enova's Global Service and Supportinitiative, will enable the Company to provide support to its Europeancustomers. In the near future, Enova will seek to establish a similar supportcenter in Asia. These and other investments, which will increase the company's cost base, arenecessary to support the expected increase in production volumes, beginning inthe second half of 2007. Enova continues to investigate production improvementsthat will contribute to sustained quality and lower unit costs as volumesexpand. Mike Staran, President, COO, and CEO elect said, "We believe that the secondhalf of 2007 will further demonstrate Enova's commitment to becoming a worldleader in the alternative energy transportation space. We anticipate additionalproduction volumes as well as the development of new opportunities." Furthermore, Enova Systems announces its inclusion in the Russell MicrocapIndex. Russell indexes are widely used by investment managers and institutionalinvestors for index funds and as benchmarks for both passive and activeinvestment strategies. Jarett Fenton, Chief Financial Officer said, "We are pleased to be included inthe Russell Microcap(TM) Index, which reflects our continued positive momentum.Russell is an industry leader for stock indices, and we expect our inclusionwill generate greater visibility in the financial market place and theinvestment community." About Enova: Enova Systems (http://www.enovasystems.com) is a leading supplier of efficient,environmentally friendly digital power components and systems products. TheCompany's core competencies are focused on the development and commercializationof power management and conversion systems for mobile applications. Enovaapplies unique 'enabling technologies' in the areas of alternative energypropulsion systems for light and heavy-duty vehicles as well as powerconditioning and management systems for distributed generation systems. TheCompany develops, designs and produces non-invasive drive systems and relatedcomponents for electric, hybrid-electric, and fuel cell powered vehicles in boththe "new" and "retrofit" vehicle sales market. For further information, contactEnova Systems directly, or visit its Web site at http://www.enovasystems.com. ENOVA SYSTEMS, Inc.19850 South Magellan DriveTorrance, CA 90502310-527-2800Contact: Enova/Investor Relations Investec (Nominated Adviser)Michael Ansell 020 7597 5970 Additional Information: 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 31,2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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