Don't know if they make PHEV, but I've had these guys for a loooooong time, so I may as well pimp them.
Enova Files 2006 10-K, Announces FIRST QUARTER 2007 Purchase Volume, and Introduces a Strategic Global Initiative
Monday April 2, 5:35 pm ET
TORRANCE, Calif.--(BUSINESS WIRE)--Enova Systems, (AMEX:ENA - News; AIM:ENV)(AIM:ENVS), an early stage production company in an emerging industry and a leading developer of proprietary electric, hybrid and fuel cell digital power management systems, today released its 2006 Annual Report on Form 10-K, summarizing its financial results for 2006. Enova Systems also announces that during the first quarter of 2007 it has so far received product purchase orders from customers exceeding USD $6,000,000.
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Jarett Fenton, Enova Chief Financial Officer stated "The significant influx of orders received at this point is an excellent sign that the market for these products is growing, and that Enova is poised to capitalize."
In 2007, Enova will roll out the first phase of our Global Support Services Initiative. This initiative endeavors to provide a truly global service and support infrastructure to our customers, many of whom operate fleets of vehicles all over the world. In coordination with our channel partners, Enova will utilize our competitive advantages to offer integration, retrofit, supply, support, maintenance, upgrade, and other field services to our customers. Phase I of the Global Support Services Initiative will focus on "in place" customers in specific markets domestically and in Europe and Asia. The second phase envisions the finalization of other channel partner relationships across the world, facilitating our entry into additional markets. The third phase of the rollout seeks to establish Enova as assertively supporting our product, worldwide.
Mike Staran, Enova Executive Vice President, noted, "This is an exciting development for Enova. We believe we are now positioned as a global supplier of drive systems for electric, hybrid and fuel cell applications. We are able to go to a customer or potential customer and, along with offering a reliable and efficient product, we will be able to support that product on a global basis. This is a critical step in supporting Enova as a recognized leader in the industry."
Some recent customer highlights of Enova's accomplishments are:
International Truck and Engine (IC Corp), perhaps the nation's largest School Bus manufacturer and Enova have supplied the nation's 1st production Hybrid School Buses. IC Corp currently maintains 60% of the North American School Bus market. In addition to School Buses, IC Corp is teaming with Enova to supply hybrid buses to the Commercial Bus Market.
WrightBus, the largest Low-Floor and Double Deck bus manufacturer in the United Kingdom has taken delivery of our series hybrid diesel genset and integrated them into its medium and large bus applications. Six of these systems are now running seven days a week 18 hours a day in London. Enova continues to work with WrightBus on projects related to Enova's hybrid drive systems.
Tanfield, the World's largest Electric vehicle Manufacturer, has signed an arrangement with Enova. where Enova will supply electric drive systems for Tanfield's 3.5, 7.5 and 12Ton vehicles.
First Auto Works, China's largest vehicle manufacturer has indicated that it intends to purchase Enova's pre transmission hybrid system for FAW's bus applications.
Th!nk and Phoenix Motorcars, Electric Vehicle OEMs, have both utilized Enova as a supplier of primary components/systems for their vehicles.
Verizon, a Fleet Operator, has recently taken receipt of thirteen (13) service vans incorporating Enova's technology. Verizon is the nation's 2nd largest Fleet Operator with 58,000 vehicles. In addition to Verizon, Enova has begun development work with other large fleet operators in both the service van and pick up and delivery sectors.
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 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. Except for firm purchase orders identified in this Press Release, there are no assurances that any of the referenced customers will purchase product from Enova or in what volumes. 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, 2006.
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