|Never say never again .
Good luck all|
|Still alive and kicking ?
Good luck all|
|Well ,well . Still alive ?
Good luck all|
|Is this parrot dead ?
Or just resting .
Good luck all|
|".... trading on London Stock Exchange's AIM market will be unaffected ..."
RNS Number : 5946P
Enova Systems, Inc.
26 October 2012
Enova Systems Announces Delisting from NYSE MKT
Torrance, CA - October 25, 2012 - Enova Systems, Inc. (NYSE MKT: ENA and AIM: ENV and ENVS), (the "Company") received notification on October 24, 2012 from the NYSE MKT (the "Exchange" and formerly known as the NYSE Amex) stating that, because the Company was not in compliance with certain of the Exchange's continued listing standards, the Exchange intends to strike the common stock of the Company from the Exchange by filing a delisting application with the Securities and Exchange Commission (the "SEC"). The Company previously disclosed in Current Reports on Form 8-K filed with the SEC on April 20, 2012, May 29, 2012, July 6, 2012, and October 24, 2012 the provisions of Exchange's continued listing standards with which the Company was not in compliance. The Company does not intend to request an appeal hearing of the Exchange's delisting determination.
The Company anticipates that the delisting of its common stock from the Exchange will be effective at the opening of the Exchange on Wednesday, October 31, 2012.
The Company expects that its common stock will trade on the OTCQB Marketplace under the Company's current trading symbol "ENA" upon delisting from the Exchange, or as soon as practicable thereafter. The OTCQB is a market tier operated by the OTC Market Group Inc. for over-the-counter traded companies. The Company anticipates that the delisting will be completed once the Exchange files a Form 25-NSE Notification of Delisting with the SEC. The delisting and transition to the OTCQB does not change the Company's obligations to file periodic and other reports with the SEC under applicable federal securities laws.
The Company expects that the admission of its common stock for trading on London Stock Exchange's AIM market will be unaffected by the NYSE MKT's determination.
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 Street
Torrance, CA 90501
Contact: John Micek, CEO/Investor Relations
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 June 30, 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
|Enova Systems, the California-based maker of electric-drive vehicle controller systems last week received a de-listing notice from the New York Stock Exchange because it didn't meet certain financial criteria.
Enova was cited for a combination of continuing losses and too low of a stockholders' equity amount. Last year, Enova's revenue dropped 23 percent from 2010 levels, to $6.62 million, and the company took a $6.98 million loss. The company's cash balance had dwindled to $1.36 million at the end of March, down from $3.1 million at the end of last year. Late last month, the company said CEO Michael Staran and Chief Operating Officer John Mullins resigned.
During the past half-dozen years, the company was collaborating with a number of electric-drive vehicle entities, but failed to make serious headway in terms of sales.
|(duplicate post deleted)|
|Maybe, with guidance from Smith, Smith's chinese partner Wanxiang is eying up a rescue of Enova?
Last summer, Enova declared: "..In the event we are unable to obtain additional financing when needed, and without substantial reductions in development programs and strategic initiatives, we do not expect that our cash and cash equivalents and short-term investments will be sufficient to fund our operating and capital needs for the twelve months following June 30, 2011..." They issued a similar warning last autumn. Though they have also reported a chinese deal of their own with vehicle maker FAW.
A year ago this article pointed out that "...Wanxiang America ... has saved more than a dozen companies from bankruptcy. It has set up an investment fund to look for more opportunities in the United States..."
(from an article a year ago: http://blogs.cfed.org/cfed_news_clips/2011/01/a-plan-for-new-us-jobs-from-ch.html )
See this for indications of how keen Wanxiang are on electric vehicles:
|1. SEV don't like them and looking to move to alternative supplier - might be one bearish interpretation
2. SEV do like their tech but want to buy them out either now cheaply or from administrator ?|
|would have been nice if SEV had shared their enthusiasm ?
raises more questions than it answers IMO|
|In the event we are unable to obtain additional financing when needed, and without substantial reductions in development programs and strategic initiatives, we do not expect that our cash and cash equivalents and short-term investments will be sufficient to fund our operating and capital needs for the twelve months following June 30, 2011.|
|As of June 30, 2011, the Company had $3,242,000 of cash and cash equivalents compared to $8,431,000 as of December 31, 2010.|
|game over ?|
|A 2nd try at delisting likely ??????????????/|
|Anyone in ..?|
|June 20, 2011
Enova Systems Announces Decision to Maintain AIM Status and Appointment of
New Nominated Advisor and Broker
TORRANCE, Calif. - Enova Systems Inc. ("the Company") (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, has determined to maintain the listing of its ordinary shares on the AIM
Exchange. Further to the announcement made on April 21, 2011, and in light of
discussions with a number of the Company's shareholders, the board has reviewed its
decision to cancel its admission of Ordinary Shares to trading on AIM and has decided to
maintain its AIM quotation. The Company believes this decision will best serve the
interests of its shareholders, many of whom indicated a desire to continue to support the
Company through its quotation on AIM.
Having committed to continue trading its Ordinary Shares on AIM, the Company is
pleased to announce the appointment of Daniel Stewart & Company ("Daniel Stewart")
as its Nominated Adviser and Broker with immediate effect. Daniel Stewart is regarded
as one of AIM's leading NOMADs with offices in London and New York. Additionally,
Daniel Stewart will provide analyst coverage for Enova.
Enova Chief Financial Officer John Micek said "The addition of Daniel Stewart and
Company assists our initiative to provide Enova's shareholders with desired analyst
coverage, as well as maintain a strong presence with our AIM shareholders."
The Company also has determined that, given its decision to continue trading on AIM, it
is in the Company's best interest to move its annual shareholder meeting previously
scheduled for June 21, 2011 to the normal meeting time later in the year.
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
ENOVA SYSTEMS, Inc.
1560 West 190th Street
Torrance, CA 90501
Contact: John Micek, CFO/Investor Relations
About Daniel Stewart:
Daniel Stewart & Co is an investment bank offering both corporate advisory and
institutional stockbroking services and focusing on small and mid-size companies.
The full range of services includes corporate finance, corporate broking, research, sales &
trading, debt advisory and investor relations. Daniel Stewart is both a nominated adviser
to AIM and a regulated broker to both the Official List and AIM.
ts that are intended to be covered by the safe harbor for forward-looking|
|The company website appears to have been redesigned and has lost me the links to images in my header. I will try replacing those when I have time. EDIT: The various customer badges are no longer displayed en bloc, but are in an animated display, so I've put a link there instead.|
|Largest shareholders (filed March 2010)
Copied from http://www.sec.gov/Archives/edgar/data/922237/000095012310028787/f55335e10vk.htm#120
Jagen, Pty., Ltd.(1) 3,222,222 10.3 % 10.2 %
9 Oxford Street, South Ybarra 3141 Melbourne,
Shell Asset Management BV(2) 6,054,960 19.3 % 19.2 %
Sir Winston Churchillaan 366H, 2285 SJ Rijswijk ZH, The Netherlands
J O Hambro Capital Management Group Limited(3) 2,227,500 7.1 % 7.1 %
Ground Floor, Ryder Court 14 Ryder Street London, United Kingdom SW1Y 6QB
GAM Holdings AG(4) 2,244,275 7.1 % 7.1 %
Klaustrasse 10 8008 Zurich, Switzerland
Special Situation Fund, L.P.(5) 4,530,814 14.4 % 14.4 %
527 Madison Avenue, Suite 2600, New York, NY 10022
Swiss Global Asset Management AG(6) 1,771,750 5.6 % 5.6 %
69, route d'Esch, L-1470, Luxembourg
Jarett Fenton(8) 83,333 0.3 % 0.3 %
Michael Staran(9) 210,166 0.7 % 0.7 %
John Mullins(10) 57,083 0.2 % 0.2 %
Bjorn Ahlstrom 67,292 0.2 % 0.2 %
Malcolm R. Currie 79,960 0.3 % 0.3 %
Richard Davies(1)(7) 3,222,222 10.3 % 10.2 %
John J. Micek(11) 192,533 0.6 % 0.6 %
Roy S. Roberts(11) 59,870 0.2 % 0.2 %
John R. Wallace(11) 80,563 0.3 % 0.3 %
Edwin O. Riddell(12) 140,514 0.4 % 0.4 %
All Executive Officers and Directors as a group 4,193,536 13.4 % 13.3 %
(1) Jagen Pty. Ltd. (Jagen) shares beneficial ownership with Jagen's controlling shareholder, the B. Liberman Family Trust and its trustee, Jagen Nominees, Pty. Ltd. Mr. Davies is Managing Director for Jagen. Boris and Helen Liberman possess ultimate voting and discretionary authority over the shares.
(2) Based on a Form 3 filed December 15, 2009. Shell Asset Management Company BV manages assets of The Shell Group and its subsidiaries and affiliates, including certain pension plans organized for the benefit of employees of The Shell Group. As such, The Shell Group and such subsidiaries and affiliates, including such pension plans, have the right to the receipt of dividends from, and the proceeds from the sale of, the shares of common stock.
(3) Based upon a Holding(s) in Company filed on August 19, 2008 via the Regulatory News Service ("RNS") on the London Stock Exchange.
(4) Based upon a Schedule 13G/A filed February 11, 2009, GAM Holding AG holds shared voting and investment power with its wholly-owned subsidiaries, GAM International Management Limited (GIML) and GAM London Limited (GAM London) of which GIML is the investment adviser of GAM Global Diversified and GAM London is the investment adviser of SJP GAM Managed-Life, SJP GAM Managed - Pension, SJPI GAM Sterling Managed Fund and SJPI GAM US Dollar Managed Fund.
(5) Based on a Schedule 13G filed January 7, 2010. MGP Advisors Limited ("MGP") is the general partner of the Special Situations Fund III, QP, L.P. AWM Investment Company, Inc. ("AWM") is the general partner of MGP and the general partner of and investment adviser to the Special Situations Cayman Fund, L.P. Austin W. Marxe and David M. Greenhouse are the principal owners of MGP and AWM. Through their control of MGP and AWM, Messrs. Marxe and Greenhouse share voting and investment power over the portfolio securities of each of the funds listed above.
(6) Based on a Schedule 13G filed December 31, 2009. SAM Sustainable Asset Management AG ("SAM"), as investment adviser of the Julius Bar Multipartner SAM Smart Energy Fund (part of the "Julius Barr Multipartner SICAV"), holds investment power over the shares listed above. The voting power of the shares listed above is held by the Julius Barr Multipartner SICAV fund administrator, Swiss & Global Asset Management Ltd. Zurich, which has delegated such voting power over the shares listed above to SAM which in turn, has delegated such voting power to Robeco Institutional Asset Management.
(7) Mr. Davies has elected not to receive quarterly compensation for his services as director.
(8) Includes 78,333 shares of common stock underlying stock options that are exercisable within 60 days.
(9) Includes 139,666 shares of common stock underlying stock options that are exercisable within 60 days.
(10) Includes 57,083 shares of common stock underlying stock options that are exercisable within 60 days.
(11) Includes 8,625 shares of common stock underlying stock options that are exercisable within 60 days.
(12) Includes 60,847 shares of common stock underlying stock options that are exercisable within 60 days.|
|Enova to introduce new electric drive system
It's just a week since we told you about Enova Systems extending its electric zero emission drive system to include a Ford F-150 utility truck and a Chevrolet Express cargo van (see article). Now we have news that it is working on a next generation electric drive system that could be as much as 50 per cent more efficient and less expensive than its current offerings.
According to Jarett Fenton, the company's chief financial officer, the system could be delivered in early 2011 and will feature a new motor controller unit that houses the power electronics to power the vehicle.
Also included are optional controllers for power steering, heat pumps and air conditioning; a DC-to-DC converter; and a 6.6kW AC-to-DC on-board conductive charger.
The electric drive solutions will be offered for both hybrid and all electric applications with medium and heavy duty vehicles expected to be the focus. The company has already been awarded an exclusive supplier contract by the General Services Administration in the US which provides vehicles for both the Armed Forces and government agencies
|Company giving itself lots of comment today..|
|Ho-hum still here all alone !
Great news today !
I have 3 bagged but with so much more to come I will hold as contracts and orders will come in this year,from Fed dept and US military and then hopefully a contract to supply airforce.
Very volatile in the States today paying £1.25 at the moment.
We could get a tick up from the states if it stays stable.
Story with some more detail ,see link.
Shell pension fund 20% stake|
|Enova Grabs 10.3m in new equity
New Energy Matters Dec 28 2009 [subsription only]
This is the beggining of the article
Electric, hybrid and fuel cell technology developer Enova Systems has closed USD 10.3m in equity deals, under which Shell Group took a 19.4% stake in the ...|