Board Approves Amendment to Equity Options Plan
LOS ANGELES, CA--(Marketwired - Aug 30, 2013) -
29 August 2013
ENOVA SYSTEMS, INC
("Enova" or "the Company")
BOARD APPROVES AMENDMENT TO EQUITY OPTIONS PLAN
AND GRANTS OPTION TO CEO
Enova Systems, Inc (OTCQB: ENVS and AIM: ENV and ENVS), announces that
the Board of Directors has approved amendments to increase the number
of shares authorized for issuance under the Company's Equity
Compensation Plan and the grant of an equity option to John Micek,
President and CEO.
On August 27, 2013, the Board of Directors (the "Board") of Enova
Systems, Inc. approved amendments to Enova's 2006 Equity Compensation
Plan (a) to increase the number of shares authorized for issuance
thereunder from 3,000,000 shares to 9,000,000 shares and (b) to
increase the number of shares of common stock that may be issued to an
individual in any calendar year from 500,000 shares to 5,000,000
shares.
Additionally, on August 27, 2013, the Board approved the grant to John
Micek, the President and Chief Executive Officer of Enova, of an option
to purchase 4,400,000 shares of the Common Stock of Enova at an
exercise price of $0.02 per share. The vesting of such option was made
conditional upon the Board approving, and Enova entering into
definitive agreements covering and thereafter consummating, (x) a sale
of all or substantially all of Enova's assets or (y) the acquisition of
Enova by another entity by means of a merger, share exchange, tender
offer or other similar transaction or (z) the acquisition by Enova of
another entity by means of a merger, share exchange, tender offer or
other similar transaction.
About Enova: Enova Systems ( http://www.enovasystems.com ) is a supplier
of efficient, environmentally friendly digital power components and
systems products. 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" vehicles market. For further information, contact Enova
Systems directly, or visit its Web site at http://www.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. 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, 2012 and Form 10-Q for the quarterly period ended June 30,
2013.
For further information, please contact:
Enova Systems, Inc.
John Micek, Chief Executive Officer
Tel: + 1 310 483 9883
Daniel Stewart & Company plc
(Nominated Adviser & Broker)
Paul Shackleton
Tel: + 44 (0) 2078 776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END