Enova Systems Announces Completion of Financing and Results from Annual Shareholder Meeting
TORRANCE, CA--January 4, 2012: Enova Systems, Inc. , a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, announced today completion of a financing and the results from its Annual Meeting held on Friday, December 30, 2011.
The Company announced the sale of 11,250,000 shares of common stock, no par value, together warrants to purchase a like number of shares of the Company's common stock. The gross proceeds to the Company from the financing were $1,687,500.
The Company will use the net proceeds of the financing to complete validation and realize volume scalability for its new Omni Drive System, and to continue to execute on the recently announced Green For FreeTM initiative in conjunction with Freightliner. For further information on the Green For FreeTM initiative, see Green for Free.
The financing was managed by Merriman Capital, Inc., and led by Anthony B. Low-Beer.
Enova also announced that all resolutions at the Annual Meeting of Shareholders were passed. The Meeting confirmed the appointment of independent auditing firm PMB Helin Donovan, LLP for 2012 and the re-election of Directors Richard Davies, John Micek, Edwin Riddell, Roy Roberts, Michael Staran and John Wallace.
Enova Systems (Enova) 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 (Enova) .