NYSE Amex Exchange Compliance Notice (8136B)
April 23 2012 - 2:00AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 8136B
Enova Systems, Inc.
23 April 2012
ENOVA SYSTEMS, INC
("Enova" or "the Company")
Enova Systems Receives NYSE Amex Exchange Compliance Notice
Enova Systems Inc. (NYSE AMEX: ENA and AIM: ENV and ENVS), (the
"Company") announces 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.
The Admission to trading on AIM of the Company's securities
remains unaffected by this notice.
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 Street Torrance, CA 90501
Tel: 310-527-2800 Contact: 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.
For further information please contact:
Enova Systems, Inc.
Mike Staran, President & Chief Executive Officer
John Micek, Chief Financial Officer
Tel: + 1 310 527 2800
Daniel Stewart & Company plc
(Nominated Adviser & Broker)
Paul Shackleton/Jamie Barklem
Tel: + 44 (0) 207 776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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