Enova Systems Receives NYSE Amex Exchange Compliance Notice
20 April 2012 - 11:00PM
Business Wire
Enova Systems Inc.
(NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS),
(the “Company”) announced that, on April 17, 2012, it received
notice from the NYSE Amex LLC (the “Exchange”) indicating that the
Company is 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 “Company Guide”), and the Company has therefore become
subject to the procedures and requirements of Section 1009 of the
Company Guide. Specifically, the Company is not in compliance with
Section 1003(a) (iii) with stockholders’ equity of less than
$6,000,000 and losses from continuing operations and/or net losses
in five consecutive fiscal years.
As is the Exchange’s policy, Enova has been afforded the
opportunity to submit a plan of compliance to the Exchange by May
17, 2012 addressing how the Company intends to regain compliance
with the continued listing standards of the Company Guide within a
maximum of 18 months (the “Plan Period”). The Company is taking
steps to prepare and submit such a plan to the Exchange on or
before May 17, 2012. If the plan 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 Company would
become subject to delisting procedures 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.
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