NYSE Amex Exchange Compliance Notice (3892E)
May 30 2012 - 3:31AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 3892E
Enova Systems, Inc.
30 May 2012
ENOVA SYSTEMS, INC
("Enova" or "the Company")
Enova Systems Receives NYSE Amex Exchange Compliance Notice
As previously reported, on April 17, 2012, Enova Systems Inc.
(NYSE AMEX: ENA and AIM: ENV and ENVS), (the "Company") received
notice (the "April Notice") from the NYSE Amex LLC (the "Exchange")
indicating that the Company was 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 "Exchange Guide"), and the
Company was therefore subject to the procedures and requirements of
Section 1009 of the Exchange Guide. Specifically, the Company was
not in compliance with Section 1003(a) (iii) of the Exchange Guide
because the Company reported stockholders' equity of less than
$6,000,000 for 2011 and the Company had incurred a loss from
continuing operations and/or net losses for five consecutive years.
As required by the April Notice, the Company submitted a Plan of
Compliance to the Exchange on May 17, 2012 addressing how the
Company intends to regain compliance with the continuing listing
standards of the Exchange Guide within a maximum of 18 months (the
"Plan Period").
By letter dated May 22, 2012, the Company received an additional
notice from the Exchange stating that a review of the Company's
Form 10-Q for the first quarter of fiscal 2012 indicated that the
Company does not meet an additional listing requirement.
Specifically, the Company is not in compliance with Exchange Guide
Section 1003(a)(ii) because the Company reported stockholders'
equity of less than $4,000,000 and losses from continuing
operations and/or net losses in three of its four most recent
fiscal years.
Due to the higher stockholders' equity requirement identified in
the April Notice, the Company is not required by the Exchange to
submit an additional Plan of Compliance in connection with the
deficiency identified in the notice dated May 22, 2012. If the Plan
of Compliance 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 Exchange staff will initiate
delisting procedures as appropriate. In such event, the Company may
appeal an Exchange staff determination to initiate delisting
proceedings 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 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 and Form 10-Q for the quarterly period ended
March 31, 2012.
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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