SAN FRANCISCO, Jan. 31, 2012 /PRNewswire/ -- Merriman
Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc.
(OTCQX: MERR), today announced that it was retained as capital
markets advisor to Enova Systems (NYSE AMEX: ENA) (AIM: ENV) (AIM:
ENVS). In this capacity, Merriman will advise Enova on various
matters related to increasing shareholder value and expanding
Enova's institutional shareholder base. Merriman Capital sole
managed the sale of 11,250,000 shares of Enova common stock, plus
warrants, to accredited investors for gross proceeds of
$1,687,500. The transaction was lead
by Anthony Low-Beer, PhD., and
closed on Thursday, January 5,
2012.
(Logo:
http://photos.prnewswire.com/prnh/20100914/SF64919LOGO)
Enova Systems will use the net proceeds of the financing in part
to scale up production of its new Omni Drive System, and further
pay for its "Green For Free" initiative. In conjunction with
Freightliner Custom Chassis Corp. (a subsidiary of Daimler AG),
Enova Systems intends to offer fleet executives the ability to
acquire and operate all-electric vehicles for the same or lower
incremental cost over the life of the vehicle of a diesel-powered
commercial vehicle.
About Enova Systems, Inc.
Enova Systems (http://www.enovasystems.com) 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
http://www.enovasystems.com.
About Merriman Capital, Inc.
Merriman Capital, Inc. is an investment banking firm providing
equity and options execution services, market making, and
differentiated research for high growth companies. We also provide
capital raising, advisory, and M&A services. Merriman Capital,
Inc. is a wholly owned subsidiary of Merriman Holdings, Inc.
(OTCQX: MERR) and is the leading investment banking firm for OTCQX
companies. For more information, please go to
http://www.merrimanco.com/.
Merriman Capital, Inc. is a registered broker-dealer and member
of The Financial Industry Regulatory Authority (FINRA)
http://www.finra.org/ and the Securities Investor Protection
Corporation (SIPC) http://www.sipc.org/contact.cfm.
Note to Investors
This press release contains certain forward-looking
statements based on our current expectations, forecasts and
assumptions that involve risks and uncertainties. This release does
not constitute an offer to sell or a solicitation of offers to buy
any securities of the Company. Forward-looking statements in this
release are based on information available to us as of the date
hereof. Our actual results may differ materially from those stated
or implied in such forward-looking statements, due to risks and
uncertainties associated with our business, which include the risk
factors disclosed in our Form 10-K/A filed on April 28, 2011 and our Form 10-Q filed on
November 14, 2011. Forward-looking
statements include statements regarding our expectations, beliefs,
intentions or strategies regarding the future and can be identified
by forward-looking words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "should," and "would" or
similar words. We assume no obligation to update the information
included in this press release, whether as a result of new
information, future events or otherwise. The Form 10-K/A filed on
April 28, 2011 and 10-Q filed on
November 14, 2011, together with this
press release and the financial information contained herein, are
available on our website, www.merrimanco.com. Please click on
"Investor Relations."
SOURCE Merriman Capital, Inc.