Enova Systems, Inc. (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 filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC"). When the shelf registration statement is declared effective by the SEC, it will allow Enova to periodically sell, in one or more offerings, up to $50 million of securities, with the amount that Enova expects to be able to offer in the next twelve month period limited to one-third of the publicly traded float of Enova's common stock. Specific terms and share prices will be determined at the time of each offering under a separate prospectus supplement to be filed with the SEC at the time of each offering. Enova has not made a decision to make any offering at this time. "As outlined in today’s SEC filing, Enova intends to use proceeds of any offering for general corporate purposes, including potentially a ramp up to higher production volumes of our power train systems. Once the registration statement becomes effective, it will offer us additional flexibility in accessing capital markets over a 3-year period when market conditions are favorable," stated Michael E. Staran, President and Chief Executive Officer of Enova. The shelf registration statement filed by Enova Systems with the SEC has not yet become effective. No securities covered by the registration statement may be sold prior to its effectiveness, nor may offers to buy those securities be accepted before that time, and no securities will be offered unless and until Enova determines to proceed with an offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities covered by the registration statement. Any offer of those securities may be made solely by means of the prospectus included in the registration statement and the prospectus supplement for any future offering.
Because the publicly-traded float (as calculated under SEC rules) of Enova's shares of approximately $24 million as of July 8, 2011 is less than $75 million, unless and until Enova’s public float exceeds $75 million, Enova will be restricted to selling securities registered under the shelf registration statement equal to no more than 1/3 of the value of its public float in any consecutive twelve month period.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, 2010 and Form 10-Q for the quarterly period ending June 30, 2011.