Enova Systems Announces Decision to Maintain AIM Status and Appointment of New Nominated Advisor and Broker
21 June 2011 - 8:34AM
Business Wire
Enova Systems Inc. (“the Company”) (NYSE AMEX:ENA)
(AIM:ENV) (AIM:ENVS), a leading developer of proprietary
hybrid electric and all-electric drive systems and drive system
components for the emerging green commercial vehicle market, has
determined to maintain the listing of its ordinary shares on the
AIM Exchange. Further to the announcement made on April 21, 2011,
and in light of discussions with a number of the Company’s
shareholders, the board has reviewed its decision to cancel its
admission of Ordinary Shares to trading on AIM and has decided to
maintain its AIM quotation. The Company believes this decision will
best serve the interests of its shareholders, many of whom
indicated a desire to continue to support the Company through its
quotation on AIM.
Having committed to continue trading its Ordinary Shares on AIM,
the Company is pleased to announce the appointment of Daniel
Stewart & Company (“Daniel Stewart”) as its Nominated Adviser
and Broker with immediate effect. Daniel Stewart is regarded as one
of AIM’s leading NOMADs with offices in London and New York.
Additionally, Daniel Stewart will provide analyst coverage for
Enova.
Enova Chief Financial Officer John Micek said “The addition of
Daniel Stewart and Company assists our initiative to provide
Enova’s shareholders with desired analyst coverage, as well as
maintain a strong presence with our AIM shareholders.”
The Company also has determined that, given its decision to
continue trading on AIM, it is in the Company's best interest to
move its annual shareholder meeting previously scheduled for June
21, 2011 to the normal meeting time later in the year.
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
Contact: John Micek, CFO/Investor Relations
About Daniel Stewart:
Daniel Stewart & Co is an investment bank offering both
corporate advisory and institutional stockbroking services and
focusing on small and mid-size companies.
The full range of services includes corporate finance, corporate
broking, research, sales & trading, debt advisory and investor
relations. Daniel Stewart is both a nominated adviser to AIM and a
regulated broker to both the Official List and AIM.
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, 2010.
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