30th Nov 2006 14:57
Enova Systems (AMEX:ENA) (AIM:ENV) (AIM:ENVS) - Notice RegardingForm 10-Q Dated September 30, 2006. £ On November 22, 2006 Enova Systems, Inc. (the "Company") wasnotified by its auditors, Windes & McClaughry Accountancy Corporation("Windes") that the financial statements contained in the Company'sForm 10-Q for the quarter ended September 30, 2006 should no longer berelied upon. £ The notice conveyed that the Form 10-Q was filed without Windes'express authorization and that Windes did not receive certainrequested documentation to complete its review procedures. At the timeit submitted the Form 10-Q for filing, the Company believed that itwas authorized to file the Form 10-Q and had provided all availableinformation to Windes. £ The chairman of the audit committee and company representativeshave engaged in multiple discussions about the circumstancesunderlying this matter with Windes representatives since the filing ofthe Form 10-Q on November 13, 2006, including at a November 17, 2006meeting of the audit committee. The Company will continue to discussthis matter with Windes and will work to address its concerns asquickly as possible. £ In accordance with United States Securities and ExchangeCommission ("SEC") rules, the Company has filed a Form 8-K disclosingthis matter. Windes has been provided with a copy of the Form 8-K andhas been requested to furnish a letter to the Company addressed to theSEC stating whether Windes agrees with the statements made in the Form8-K and, if not, stating the respects in which it does not agree. Nolater than two business days after it receives Windes' response, theCompany will amend its Form 8-K to provide the Windes letter as anexhibit. £ About Enova Systems, Inc. £ Enova Systems is a leading supplier of efficient, environmentallyfriendly digital power components and systems products. The Company'score competencies are focused on the development and commercializationof power management and conversion systems for mobile and stationaryapplications. Enova applies unique 'enabling technologies' in theareas of alternative energy propulsion systems for light andheavy-duty vehicles as well as power conditioning and managementsystems for distributed generation systems. The Company develops,designs and produces drive systems and related components forelectric, hybrid-electric, and fuel cell powered vehicles. For furtherinformation, contact Enova Systems directly, or visit its Web site athttp://www.enovasystems.com. £ 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 31,2005. This forward-looking information should be considered only inconnection with the aforementioned risk factors. Enova assumes noobligation to update such forward-looking statements. Copyright Business Wire 2006Related Shares:
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