Enova Systems Receives NYSE Amex Exchange Compliance Notice
30 May 2012 - 8:00AM
Business Wire
As previously reported, on April 17, 2012, Enova Systems Inc.
(NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS) (the
“Company”) received notice (the “April Notice”) from the NYSE Amex
LLC (the “Exchange”) indicating that the Company was not in
compliance with one of the Exchange’s continued listing standards
as set forth in Part 10 of the Exchange’s Company Guide (the
“Exchange Guide”), and the Company was therefore subject to the
procedures and requirements of Section 1009 of the Exchange Guide.
Specifically, the Company was not in compliance with Section
1003(a) (iii) of the Exchange Guide because the Company reported
stockholders’ equity of less than $6,000,000 for 2011 and the
Company had incurred a loss from continuing operations and/or net
losses for five consecutive years. As required by the April Notice,
the Company submitted a Plan of Compliance to the Exchange on May
17, 2012 addressing how the Company intends to regain compliance
with the continuing listing standards of the Exchange Guide within
a maximum of 18 months (the “Plan Period”).
By letter dated May 22, 2012, the Company received an additional
notice from the Exchange stating that a review of the Company’s
Form 10-Q for the first quarter of fiscal 2012 indicated that the
Company does not meet an additional listing requirement.
Specifically, the Company is not in compliance with Exchange Guide
Section 1003(a)(ii) because the Company reported stockholders’
equity of less than $4,000,000 and losses from continuing
operations and/or net losses in three of its four most recent
fiscal years.
Due to the higher stockholders’ equity requirement identified in
the April Notice, the Company is not required by the Exchange to
submit an additional Plan of Compliance in connection with the
deficiency identified in the notice dated May 22, 2012. If the Plan
of Compliance is accepted but the Company is not in compliance with
the continued listing standards of the Company Guide by October 15,
2013 or if the Company is not making progress consistent with the
plan during the Plan Period, the Exchange staff will initiate
delisting procedures as appropriate. In such event, the Company may
appeal an Exchange staff determination to initiate delisting
proceedings in accordance with Section 1010 and Part 12 of the
Company Guide.
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 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, 2011 and Form 10-Q for the quarterly
period ended March 31, 2012.
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