Enova Systems, Inc. Board Approves Amendment to Equity Options Plan (8125M)
August 30 2013 - 2:02AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 8125M
Enova Systems, Inc.
30 August 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
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