ZENN Motor Company Comments on EEStor Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 06/21/12 -- ZENN Motor Company Inc. (TSX VENTURE: ZNN) ("ZENN" or the "Company") commented today on the press release from EEStor Inc. ("EEStor") providing an update on the progress of the development of its Electrical Energy Storage Units ("EESUs"). The release indicates that EEStor is producing dielectric layers, but it still does not meet the covenant to disclose specific details about the current energy storage capabilities required under the investment agreement dated March 22, 2012 among EEStor and investors including the Company (the "Investment Agreement"). Under the Investment Agreement the Company obtained a covenant from EEStor regarding a timeline for near term public disclosure of the status of its technology developments which were to be certified by an independent third party. As discussed at the Annual General Meeting held on March 27, 2012, the Company indicated "near term" meant before summer. It was the Company's expectation that prior to today's date, a press release would be issued by EEStor containing independent third party certification results of its technology.
EEStor has informed the Company that it continues to make progress with the EESUs and that the technology is not currently in a position to be certified by an independent third party. EEStor has advised ZENN that a number of technical and financial issues have slowed progress, but that with the recent financings in place, it is back on track and remains committed to fulfilling the public disclosure it agreed to under the Investment Agreement.
The Investment Agreement provided for a pricing readjustment if the required disclosure was not made by specified dates in May and June. With the dates having passed, EEStor is required to issue an additional two times the shares it initially issued to investors under the Investment Agreement and the associated warrants have their strike price reduced by 30%.
James Kofman, Chairman and Interim Chief Executive Officer commented, "While the Company is disappointed that the agreed timeline has not been met, we remain optimistic that EEStor is committed to the disclosure it has agreed to. Having waited so long, it is clear that nothing short of disclosure certified by third parties will satisfy investors as to the capabilities of the EESUs. In entering into the Investment Agreement, ZENN was focused on getting investors the information they are waiting for. We understand that delays do not inspire confidence and are working hard to get the necessary disclosure."
About ZENN Motor Company Inc.
The Company's goal is to be the provider of leading edge power storage solutions and related technologies to the automotive industry.
Technologies and solutions, powered by EEStor's electrical energy storage units (EESU) have the potential to enable OEM and Tier 1 partners to deliver advanced electric transportation solutions to their customers.
Information contained in this release relating the EEStor, Inc. or the energy storage technology being developed by EEStor has not been reviewed by EEStor and EEStor does not assume any responsibility for the accuracy or completeness of such information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
ZENN Motor Company Inc.
Vanessa Antoine
416-535-8395 ext. 224
ZENN Motor Company Inc.
Natasha Vandesluis
Chief Financial Officer
416-535-8395 ext. 220
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Datum: 21.06.2012 - 09:26 Uhr
Sprache: Deutsch
News-ID 1126655
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