Enova Announces Fundraise Agreements for $10.3M in New Capital
October 30 2009 - 8:20AM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a
production company in the emerging alternative energy industry and
a leading developer of proprietary electric, hybrid and fuel cell
digital power management systems, today announced it had entered
into a Purchase Agreement for the sale of 9,024,960 shares of
Common Stock at a purchase price of $1.00 per share. As required by
the Purchase Agreement, at the closing of the stock sale, Enova
will enter into a Registration Rights Agreement pursuant to which
it will be required to register such shares. Enova also entered
into a Placing Agreement for the placement of 1,323,000 shares of
common stock at a purchase price of 62.5 pence per share
(approximately equal to $1.00 (U.S.) per share at the exchange rate
on October 29, 2009 as reported by Fidessa).
The consummation of the stock sale transactions contemplated by
both the Purchase Agreement and the Placing Agreement are subject
to a number of conditions, including in both cases shareholder
approval of the issuance of the shares. Enova intends to seek
approval of the issuance of the additional shares of Common Stock
at the Annual Meeting of Shareholders, currently scheduled for the
second week of December, and intends to send to shareholders a
Proxy Statement relating thereto when available. Enova advises each
of its shareholders to read the Proxy Statement when it becomes
available because it will contain important information. Once the
Proxy Statement is available, shareholders can get the Proxy
Statement and any relevant documents for free at the SEC’s web site
or free of charge by writing to Enova Systems, Inc., 1560 West
190th Street, Torrance, California 90501, Attention: Chief
Financial Officer and requesting a copy thereof.
This press release does not constitute an offer of any
securities for sale. The securities to be sold pursuant to the
Purchase Agreement and the Placing Agreement have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements.
Copies of the documents relating to these transactions, together
with a more detailed explanation of the agreements and the terms of
the transactions, are being filed by the Company with the
Securities and Exchange Commission under cover of a Current Report
on Form 8-K with date of earliest event reported of October 29,
2009.
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.
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, 2008.
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