Enova Highlights Improvements, Growth and Execution at the 2010 Shareholder Meeting
14 December 2010 - 1:00AM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a
production company in an emerging industry and a leading developer
of proprietary electric, hybrid and fuel cell digital power
management systems, held its Annual Meeting at its offices in
Torrance, California on Tuesday, December 7th.
The meeting reiterated Enova’s previously disclosed 2009
results, as well as highlighted 2010 improvements, growth and
execution including:
- Growth in Enova’s quarter-over-quarter
positive gross margins
- Reduced Inventory and strong cash
management
- Increases in customer volume and order
book of approximately $6M as of September 30th anticipated for
delivery to customers in Q4 2010 and the first quarter of 2011
- Aggressive development with incremental
customers and suppliers
- Continued ISO Certification
- Ongoing validation of Next Generation
Omni System
Enova President and CEO Mike Staran commented, “The Company
continues to strengthen its core capabilities, and has added
incremental customer and supplier interest, which are important to
our initiatives. With the existing order book, and pending
opportunities, we look to continue improving our revenue and
positive margin growth.”
The Meeting also confirmed the appointment of independent
auditing firm PMB Helin Donovan, LLP for 2010; and the re-election
of Directors Richard Davies, John Micek, Edwin Riddell, Roy
Roberts, Michael Staran and John Wallace.
Enova also has strengthened its management team by announcing
John Micek as Chief Financial Officer effective as of January 1,
2011. John will replace Jarett Fenton, who has decided to move into
other areas of opportunity. Mr. Fenton has indicated his
willingness and availability, however, to support Enova as needed
during this transition. We thank Mr. Fenton for his services and
efforts to Enova. John, also a Board member, most recently served
as the Board’s Chairman of the Audit Committee. In 2000, he
negotiated the sale of Universal Warranty Corporation (UWC) to
GMACI, and remained on the Board of UWC from 2000-2003. From 2000
to the present, Mr. Micek has been the Managing Director of Silicon
Prairie Partners, LP, a Palo Alto, California-based venture fund,
where he led SPP’s investments into Medivation (Nasdaq: MDVN), Puda
Coal (AMEX: PUDA), Web Reservations Limited (acquired by H&F
Limited) and Scout Media (acquired by Fox Interactive Media). Since
April 2010, Mr. Micek has also been Managing Partner of Verdant
Ventures, a merchant bank dedicated to sourcing and funding
University and Corporate lab spinouts in areas including cleantech
and pharma. He is licensed to practice law in California, where his
practice focused on financial services. Currently, he actively
serves on the Board of Directors of Armanino Foods of Distinction,
Innovaro Corporation, and JAL/Universal Assurors. John is a cum
laude graduate of Santa Clara University, Mr. Micek completed his
law degree at the University of San Francisco School of Law, where
he was Senior Articles Editor of the Law Review.
Mr. Staran added, “John provides us a level of experience and
knowledge that will advance our ability to achieve our financial
goals. His knowledge of the company and understanding of finance
are assuredly complementary to the company and our directives.”
About Enova:
Enova Systems (http://www.enovasystems.com) 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 its Web site at
http://www.enovasystems.com.
ENOVA SYSTEMS, Inc. 1560 West 190th Street Torrance, CA 90501 Tel:
310-527-2800
Additional Information:
This news release contains forward-looking statements relating
to Enova Systems and its products that are intended to be covered
by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified 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 or comparable terminology and statements about
industry trends and Enova’s future performance, operations and
products. These forward-looking statements are subject to and
qualified by certain risks and uncertainties. These and other risks
and uncertainties are detailed from time to time in Enova Systems’
periodic filings with the Securities and Exchange Commission,
including but not limited to Enova’s annual report on Form 10-K for
the year ended December 31, 2009.
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