ENOVA SYSTEMS Issues Trading Update; Joins Russell Microcap(TM) Index.TORRANCE, Calif. -- Enova Systems, (AMEX AMEX See: American Stock Exchange :ENA ENA Ecole Nationale d'Administration (French) ENA Emergency Nurses Association ENA Energy Networks Association (Australia) ENA Ethiopian News Agency ENA Energetic Neutral Atom ) (AIM:ENV ENV Environment ENV Envelope ENV Environmental Science ENV Emissions Neutral Vehicle ENV École Nationale Vétérinaire (French) ENV Estimated Net Value ENV European Norm Voluntary ) (AIM:ENVS), an early stage production company in an emerging industry and a leading developer of proprietary electric, hybrid and fuel cell digital power management systems, is issuing a trading update and announcing its inclusion in the Russell Microcap indexes. Ahead of institutional visits in London next week, Enova Systems has issued the following trading update: In the first half of 2007, Enova has continued to enjoy increased production for its key customers. The Company has strengthened its relationships with some major companies in the industry, including Tanfield, IC Corp, Think, Verizon, and Hyundai. Recently, Enova has partnered with a major Asian-based OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and to provide hybrid drive A hard disk drive that contains a built-in, non-volatile cache comprised of flash memory. Reads and writes go through the cache first, enabling the platters to remain at rest most of the time. For laptop computers especially, the less the disk rotates, the less power is used. systems. In the second half of the year, the Company expects to open its European support center. This support center, as part of Enova's Global Service and Support initiative, will enable the Company to provide support to its European customers. In the near future, Enova will seek to establish a similar support center in Asia. These and other investments, which will increase the company's cost base, are necessary to support the expected increase in production volumes, beginning in the second half of 2007. Enova continues to investigate production improvements that will contribute to sustained quality and lower unit costs as volumes expand. Mike Staran, President, COO, and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. elect said, "We believe that the second half of 2007 will further demonstrate Enova's commitment to becoming a world leader in the alternative energy transportation space. We anticipate additional production volumes as well as the development of new opportunities." Furthermore, Enova Systems announces its inclusion in the Russell Microcap Index. Russell indexes Russell Indexes US equity index widely used by pension and mutual fund investors that are weighted by market capitalization and published by the Frank Russell Company of Tacoma, Washington. are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. Jarett Fenton, Chief Financial Officer said, "We are pleased to be included in the Russell Microcap[TM] Index, which reflects our continued positive momentum. Russell is an industry leader for stock indices, and we expect our inclusion will generate greater visibility in the financial market place and the investment community." About Enova: Enova Systems (http://www.enovasystems.com) is a leading supplier of efficient, environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2006. |
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