Enova Systems, Inc. Additional NYSE Amex Exchange Compliance Notice (5170P)
October 25 2012 - 4:15AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 5170P
Enova Systems, Inc.
25 October 2012
ENOVA SYSTEMS, INC
("Enova" or "the Company")
Enova Systems Receives Additional NYSE Amex Exchange Compliance
Notice
Enova Systems Inc. (NYSE AMEX: ENA and AIM: ENV and ENVS), (the
"Company") announces that it received notice on October 18, 2012
from the NYSE Amex LLC (the "Exchange") that the Exchange's review
of the Company's Form 10-Q for the quarter ended June 30, 2012
indicated that the Company did not meet certain additional listing
standards of the Exchange as set forth in Part 10 of the Company
Guide. Specifically, the Exchange notified the Company that it was
not in compliance with Section 1003(a)(i) of the Company Guide
insofar as the Company reported stockholders' equity of less than
$2,000,000 and losses from continuing operations and /or net losses
in two out of it most recent three fiscal years. Additionally, the
Company is not in compliance with Section 1003(a)(iv) in that it
has sustained losses which are so substantial in relation to its
overall operations or existing financial resources, or its
financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether the
Company will be able to continue operations and/or meet its
obligations as they mature. As a result of the foregoing, the
Company has again become subject to the procedures and requirements
of Section 1009 of the Company Guide.
Given the nature of the deficiency cited in Section 1003(a)(iv)
of the Company Guide, the Exchange has determined to provide a
truncated plan period, ending January 16, 2013, provided that the
Company remains listed on the Exchange. Due to the higher
stockholders' equity requirement indentified in prior letters from
the Exchange, the Company is not required to submit an additional
plan of compliance in connection with the deficiencies identified
in the letter dated October 18, 2012. However, the Company may
supplement it current plan to address how it intends to regain
compliance with Sections 1003(a)(iv) of the Company Guide by
January 16, 2013, with such information provided to the Exchange no
later than November 16, 2012.
The Exchange also noted that the Company remains non-compliant
with respect to:
-- Section (a)(iii) of the Company Guide in that the Company
reported stockholders' equity of less than $6,000,000 and has
incurred losses from continuing operations and/or net losses in
five consecutive fiscal years ended December 31, 2011.
-- Section (a)(ii) of the Company Guide in that the Company
reported stockholders' equity of less than $4,000,000 and has
incurred losses from continuing operations and/or net losses in
three out of its four most recent fiscal years.
-- Section 1003(f)(v) in that the Company's Common Stock has
been trading at a low price per share for a significant period of
time.
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, CEO/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 June 30, 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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