Enova Systems, Inc. (“Enova” or the “Company”) Trading Update
13 October 2011 - 12:06AM
Business Wire
Enova Systems, Inc.
(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, announces that revenue for the third and
fourth quarters of 2011 is expected to be materially below that
experienced in the first half of the current calendar year. Q3
results are expected to be released in mid November.
This is due to reduced demand from its two largest customers as
a result of further economic uncertainty. Despite this development,
positive feedback from customers continues to indicate to Enova
that the market will improve in the longer term. In the meantime,
Enova is exploring options to reduce the necessary levels of
customers’ capital expenditure relating to new orders, thereby
removing a major purchasing obstacle.
Enova’s business strategy is focused on commercial fleets that
have predictable drive routes, return to a company depot nightly,
and are managed by expert logistics personnel. Enova believes it is
well positioned with the industry’s leading OEMs and continues
working on initiatives for market penetration.
In addition to ongoing supply to existing customers, Enova is in
advanced discussions with a number of parties, both in Asia and the
UK, and is hopeful that these will lead to additional customer
orders in the future.
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.
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 and most recent Form 10-Q for the
fiscal quarter ended June 30, 2011.
ENOVA SYSTEMS, Inc.1560 West 190th StreetTorrance, CA 90501
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