Enova Systems Files Shelf Registration Statement (9999M)
August 25 2011 - 1:02AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 9999M
Enova Systems, Inc.
25 August 2011
Enova Systems Files
Shelf Registration Statement
August 24, 2011
TORRANCE, CA August, 2011 - Enova Systems, Inc. (NYSE AMEX: ENA
and AIM: ENV and 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 Street Torrance, CA 90501
Tel: 310-527-2800 Contact: 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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