26th Jun 2007 07:02
Enova Systems, Inc.26 June 2007 Enova Announces Corporate Succession Planning CEO Edwin Riddell to retire 1st October 2007; Mike Staran appointed President / Chief Operating Officer and CEO-elect TORRANCE, CA, 26 June, 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, announced today that in line with the company's corporate successionplanning policy, CEO Edwin Riddell will retire on the 1st October 2007 andeffective July 1, 2007 Mike Staran has been named, President and Chief OperatingOfficer (COO) of the company. On Mr Riddell's retirement, Mr. Staran isanticipated to assume CEO responsibility effective by October 1, 2007. Chairman Anthony Rawlinson said, "On behalf of the board, I would like to thankEd Riddell for his valuable contribution over the last 3 years in positioningthe company in the Hybrid Electric / Electric Drive System space. We lookforward to Ed's continued involvement as a director on Enova's board". In January 2007, Mike Staran was named Enova's Executive Vice President wherehe was responsible for Sales and Marketing, Operations, Procurement, Engineeringand Investor Relations. During his employment at Enova, Mr. Staran has beenintegral in the penetration and development of business with customers such asInternational Truck and Engine, IC Corp, Wrightbus, Verizon, and most recentlyTanfield. Enova's Chairman, Anthony Rawlinson added "Enova has made a significant emphasisin succession planning. Further, we continue to strengthen our human resourceswith capable, effective personnel in order to meet the requirements of both ourexisting and potential customer base. Mike has brought vast experience, as wellas the vision and the critical skill set required to move us forward into aposition as a World Leader in the Hybrid Electric / Electric Drive Systemmarket." Mr. Staran brings over 24 years of experience in business development, productmanagement, sales and marketing, and engineering. Mr. Staran was recentlyworking in the automotive industry as the president of Effective SolutionsPeople LLC., providing specialized consulting to the OEM supplier segment. Hisprior affiliations and work history range from companies such as Ford, GeneralMotors and DaimlerChrysler to suppliers such as Johnson Controls Inc. and DecomaInternational where he was vice president of sales and marketing for 13 years.At Decoma, a division of Magna International, Mike aided in an overallincremental sales growth of 85% from Cdn$850 million to over Cdn$1.6 billion.Mr. Staran holds a Bachelor of Science degree in Mechanical Engineering with aminor in Mathematics from Lawrence Technological University in SouthfieldMichigan. 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 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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