Director Changes and Overhead Reduction (8295F)
21 Junho 2012 - 3:00AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 8295F
Enova Systems, Inc.
21 June 2012
21 June 2012
ENOVA SYSTEMS, INC
("Enova" or "the Company")
DIRECTOR CHANGES AND OVERHEAD REDUCTION
Enova Systems, Inc (NYSE AMEX: ENA and AIM: ENV and ENVS),
announces that Mike Staran, President and CEO, resigned from the
Board of Directors on June 18, 2012 and Mr Richard Davies,
Non-Executive Director, resigned on June 19, 2012 from the Board of
Directors to pursue other business interests.
The Company announces that Mr Christopher Thunen has been
appointed as Non-Executive Director on June 19, 2012.
In addition to the board resignations above, among other
worldwide EV industry and customer challenges outlined in our
periodic filings with the SEC, due to continued delays in industry
adoption of EV technology resulting primarily from ongoing battery
cost and reliability concerns as previously reported in our Form
10-Q for the quarter ending March 31, 2012, the Company's revenues
continue to significantly decrease. As a result, and as part of
cost cutting measures, in excess of 80% of our workforce has left
the Company. The Company continues to evaluate strategic
opportunities to leverage its resources and assist with its
continuing operations.
Following reductions in the Company's expense base, the Company
currently believes it has sufficient working capital in the short
term through year-end to continue operations and market trading. In
the meantime, the Directors and management are working to secure
the financial security of the Company going forward, and will
update the market when further developments occur.
.
For further information, please contact:
Enova Systems, Inc.
John Micek, Chief Financial Officer
Tel: + 1 310 527 2800
Daniel Stewart & Company plc
(Nominated Adviser & Broker)
Paul Shackleton/Jamie Barklem
Tel: + 44 (0) 2078 776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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