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Enova Systems Inc. (“the Company”) (NYSE AMEX:ENA) (AIM:ENV) (AIM:ENVS), a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, has determined to maintain the listing of its ordinary shares on the AIM Exchange. Further to the announcement made on April 21, 2011, and in light of discussions with a number of the Company’s shareholders, the board has reviewed its decision to cancel its admission of Ordinary Shares to trading on AIM and has decided to maintain its AIM quotation. The Company believes this decision will best serve the interests of its shareholders, many of whom indicated a desire to continue to support the Company through its quotation on AIM.
Having committed to continue trading its Ordinary Shares on AIM, the Company is pleased to announce the appointment of Daniel Stewart & Company (“Daniel Stewart”) as its Nominated Adviser and Broker with immediate effect. Daniel Stewart is regarded as one of AIM’s leading NOMADs with offices in London and New York. Additionally, Daniel Stewart will provide analyst coverage for Enova.
Enova Chief Financial Officer John Micek said “The addition of Daniel Stewart and Company assists our initiative to provide Enova’s shareholders with desired analyst coverage, as well as maintain a strong presence with our AIM shareholders.”
The Company also has determined that, given its decision to continue trading on AIM, it is in the Company's best interest to move its annual shareholder meeting previously scheduled for June 21, 2011 to the normal meeting time later in the year.
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