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ENVS Enova Regs

3.00
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Enova Regs LSE:ENVS London Ordinary Share COM SHS NPV (REGS)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Director Changes and Overhead Reduction (8295F)

21/06/2012 7:00am

UK Regulatory


Enova Systems (LSE:ENVS)
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RNS Number : 8295F

Enova Systems, Inc.

21 June 2012

21 June 2012

ENOVA SYSTEMS, INC

("Enova" or "the Company")

DIRECTOR CHANGES AND OVERHEAD REDUCTION

Enova Systems, Inc (NYSE AMEX: ENA and AIM: ENV and ENVS), announces that Mike Staran, President and CEO, resigned from the Board of Directors on June 18, 2012 and Mr Richard Davies, Non-Executive Director, resigned on June 19, 2012 from the Board of Directors to pursue other business interests.

The Company announces that Mr Christopher Thunen has been appointed as Non-Executive Director on June 19, 2012.

In addition to the board resignations above, among other worldwide EV industry and customer challenges outlined in our periodic filings with the SEC, due to continued delays in industry adoption of EV technology resulting primarily from ongoing battery cost and reliability concerns as previously reported in our Form 10-Q for the quarter ending March 31, 2012, the Company's revenues continue to significantly decrease. As a result, and as part of cost cutting measures, in excess of 80% of our workforce has left the Company. The Company continues to evaluate strategic opportunities to leverage its resources and assist with its continuing operations.

Following reductions in the Company's expense base, the Company currently believes it has sufficient working capital in the short term through year-end to continue operations and market trading. In the meantime, the Directors and management are working to secure the financial security of the Company going forward, and will update the market when further developments occur.

.

For further information, please contact:

Enova Systems, Inc.

John Micek, Chief Financial Officer

Tel: + 1 310 527 2800

Daniel Stewart & Company plc

(Nominated Adviser & Broker)

Paul Shackleton/Jamie Barklem

Tel: + 44 (0) 2078 776 6550

This information is provided by RNS

The company news service from the London Stock Exchange

END

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