Enova Highlights Key Growth at the 2009 Shareholder Meeting
11 December 2009 - 1:00AM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: 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.
About Enova
Enova Systems (NYSE AMEX: ENA) (AIM: ENV) (AIM: 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.
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