Enova Systems Announces Nasdaq Name Registration and New Stock Symbol

10 October 2000

Enova Systems Announces Nasdaq Name Registration and New Stock Symbol

    TORRANCE, Calif.--Oct. 10, 2000--Enova Systems, Torrance, California (Symbol:ECAR), announced today that it has registered its name and obtained a new stock symbol on the NASDAQ OTC Bulletin Board. The registered name is Enova Systems, Inc. and the new stock symbol is "ENVA." The name Enova symbolizes the Company's focus in energy management and power control systems.
    This change culminate the process begun at the last annual shareholders' meeting when the new name was ratified by the shareholders. The name and stock symbol change does not affect the number of shares outstanding.
    "With the registration of the Company's new name and symbol with NASDAQ, the Company has taken another step in the reshaping of its identity to reflect Enova's focus on providing enabling technologies to mobile and stationary power markets," commented Carl D. Perry, President and CEO.
    Enova Systems, with headquarters in Torrance California and offices in Hawaii and Korea, is a leading designer, developer, and manufacturer of electric, hybrid-electric, and fuel cell propulsion systems and components for the global vehicle market. The Company's technology and products in power conversion, energy management, and system integration enables Enova Systems to integrate a wide range of power sources, including advanced batteries, fuel cells, and turbine generators, in mobile and stationary power applications. Our product lines include the Panther(TM) propulsion systems ranging from 30kW to 120kW, accessory power supplies for electric power steering and air-conditioning, DC-DC supplies for low voltage accessories, and battery management products. Enova's propulsion systems and components are used in OEM vehicles from Hyundai Motor Company and are supplied to Ecostar for use in the Ford TH!NK city vehicle. Enova is also developing a new all-electric tram system for the U.S. Department of Transportation for use at Honolulu International Airport in Hawaii.
    This news release contains forward-looking statements relating to the future performance of Enova Systems and the success of its products. These forward-looking statements are subject to certain risks and uncertainties and actual results may differ materially. These risks and uncertainties are detailed from time to time in Enova Systems' filings with the Securities and Exchange Commission.