Enova Systems Files Shelf Registration Statement
August 24 2011 - 4:46PM
Business Wire
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.
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