Enova Systems Announces Completion of Financing and Results from Annual Shareholder Meeting
06 January 2012 - 9:00AM
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, announced today completion of a
financing and the results from its Annual Meeting held on Friday,
December 30, 2011.
The Company announced the sale of 11,250,000 shares of common
stock, no par value, together warrants to purchase a like number of
shares of the Company’s common stock. The gross proceeds to the
Company from the financing were $1,687,500.
The Company will use the net proceeds of the financing to
complete validation and realize volume scalability for its new Omni
Drive System, and to continue to execute on the recently announced
Green For FreeTM initiative in conjunction with Freightliner. For
further information on the Green For FreeTM initiative, see
www.greenforfree.com.
The financing was managed by Merriman Capital, Inc., and led by
Anthony B. Low-Beer.
Enova also announced that all resolutions at the Annual Meeting
of Shareholders were passed. The Meeting confirmed the appointment
of independent auditing firm PMB Helin Donovan, LLP for 2012 and
the re-election of Directors Richard Davies, John Micek, Edwin
Riddell, Roy Roberts, Michael Staran and John Wallace.
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.
About Merriman Capital:
Merriman Capital, Inc. is an investment banking firm providing
equity and options execution services, market making, and
differentiated research for high growth companies. We also provide
capital raising, advisory, and M&A services. Merriman Capital,
Inc. is a wholly owned subsidiary of Merriman Holdings, Inc.
(OTCQX: MERR) and is the leading investment banking firm for OTCQX
companies. For more information, please go to http://www.merrimanco.com/. Merriman Capital, Inc.
is a registered broker-dealer and member of The Financial Industry
Regulatory Authority (FINRA) http://www.finra.org/ and the Securities Investor
Protection Corporation (SIPC) http://www.sipc.org/contact.cfm.
ENOVA SYSTEMS, Inc.1560 West 190th StreetTorrance, CA 90501Tel:
310-527-2800Contact: John Micek, CFO/Investor Relations
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 Form 10-Q for the quarterly
period ending September 30, 2011.
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