13th Jul 2007 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 issuing a trading update and announcing its inclusion inthe Russell Microcap indexes. £ Ahead of institutional visits in London next week, Enova Systemshas issued the following trading update: £ In the first half of 2007, Enova has continued to enjoy increasedproduction for its key customers. The Company has strengthened itsrelationships with some major companies in the industry, includingTanfield, IC Corp, Think, Verizon, and Hyundai. Recently, Enova haspartnered with a major Asian-based OEM to provide hybrid drivesystems. £ In the second half of the year, the Company expects to open itsEuropean support center. This support center, as part of Enova'sGlobal Service and Support initiative, will enable the Company toprovide support to its European customers. In the near future, Enovawill seek to establish a similar support center in Asia. £ These and other investments, which will increase the company'scost base, are necessary to support the expected increase inproduction volumes, beginning in the second half of 2007. Enovacontinues to investigate production improvements that will contributeto sustained quality and lower unit costs as volumes expand. £ Mike Staran, President, COO, and CEO elect said, "We believe thatthe second half of 2007 will further demonstrate Enova's commitment tobecoming a world leader in the alternative energy transportationspace. We anticipate additional production volumes as well as thedevelopment of new opportunities." £ Furthermore, Enova Systems announces its inclusion in the RussellMicrocap Index. £ Russell indexes are widely used by investment managers andinstitutional investors for index funds and as benchmarks for bothpassive and active investment strategies. £ Jarett Fenton, Chief Financial Officer said, "We are pleased to beincluded in the Russell Microcap(TM) Index, which reflects ourcontinued positive momentum. Russell is an industry leader for stockindices, and we expect our inclusion will generate greater visibilityin the financial market place and the investment community." £ 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. 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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