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8-K - LIVE FILING - ENOVA SYSTEMS INC | htm_43212.htm |
EX-99.2 - EX-99.2 - ENOVA SYSTEMS INC | exhibit2.htm |
Enova Systems, Inc.
(Enova or the Company)
Trading Update
TORRANCE, CA, October 12, 2011
Enova Systems, Inc. (NYSE AMEX: ENA and AIM: ENV and 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.
Enovas 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 industrys 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.
For further information:
Enova Systems, Inc Mike Staran, President and Chief Executive Officer John Micek, Chief Financial Officer |
+1 310 527 2800 |
|
Daniel Stewart Oliver Rigby |
+44 (0)20 7776 6550 |
|
Threadneedle Communications
|
+44 (0)20 7653 9850 |
Josh Royston
Graham Herring
Hilary Millar
About Enova:
Enova Systems (http://www.enovasystems.com) is a leading supplier of efficient, environmentally
friendly digital power components and systems products. The Companys 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 Enovas 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 Enovas 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 Street
Torrance, CA 90501