U.S. Electricar Announces New Name; ''Enova Systems'' Chosen to Reflect New Company Direction and Products|
TORRANCE, Calif.--(BUSINESS WIRE)--Nov. 17, 1999--U.S. Electricar Inc. (OTCBB:ECAR) today announced at the 1999 North American Electric Vehicle and Infrastructure Conference and Exposition, held in Atlanta, that the company has selected "Enova Systems" as its new corporate identity.
Carl D. Perry, president and chief executive officer, stated: "We have created an entirely new company with new visions and new products. We felt it important to reshape our identity to reflect the new direction and spirit of the company. Our new name symbolizes our commitment to the creation of new technologies which will have a major impact on electric-vehicle transportation."
Chairman of the Board Anthony Rawlinson said: "We continue to position our company to be a global leader in technology and product innovation for the OEM market. The company has focused its energies and expertise toward developing a total solution for electric, hybrid electric and fuel-cell-powered drive trains and components."
The company continues to form strategic global alliances to utilize its leading-edge technology. The company's partnership with the Hyundai Group of Korea has already produced numerous developments in advanced drive systems, charging systems and components for electric and hybrid vehicles.
The company is working in conjunction with the U.S. Department of Defense and Department of Transportation to further develop various commercial applications of its electric drive systems and components and to test and evaluate Plastic Lithium Ion battery technology for electric and hybrid applications. These products will have worldwide application.
Currently, the company stock trading symbol shall remain ECAR.
This news release contains forward-looking statements relating to the future performance of U.S. Electricar 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 U.S. Electricar's filings with the Securities and Exchange Commission.
CONTACT: Enova Systems, Torrance
Carl D. Perry, 310/527-2800