From the Wires
ZENN Motor Company Outlines Progress Towards Expanded Product Line-Up At Annual General Meeting
By: Marketwired .
Mar. 26, 2009 12:54 AM
TORONTO, ONTARIO -- (Marketwire) -- 03/26/09 -- ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE: ZNN), a leading developer of zero emission transportation solutions, held its Annual and Special Meeting of Shareholders at which time Management updated shareholders on the Company's progress towards its expanded product line-up, including the implementation of EEStor's technology into cityZENN and ZENNergy(TM) drivetrain offerings.
Despite the current economic turmoil, ZENN Motor Company remains well-positioned to execute on its business plan of delivering advanced zero emission transportation solutions. The Company's original vision of an all-electric future is being validated on a daily basis by the traditional automotive manufacturers who are seeking to adapt to both consumer demands and government pressure for more fuel efficient and environmentally friendly vehicles. To that end, an unprecedented number of tax credits, research and development funds and rebates are being offered by governments in North America and around the world to support the emerging EV industry. Environmentally progressive and socially responsible transportation solutions are no longer seen as cost-prohibitive, but as drivers of the new economy.
ZENN Motor Company's key strategic advantage is the planned utilization of EEStor Inc.'s disruptive energy storage technology currently under development. In preparation for this, ZENN Motor Company plans to expand its product lineup to include:
- A four-seater low-speed vehicle (LSV)
- The cityZENN, a fully-electric highway-capable vehicle
- ZENNergy(TM) drivetrains
- Retrofit kits for ICE Conversions
To develop the cityZENN and LSV platforms, the Company met with numerous global OEMs, negotiated with a select few, and has selected a strategic partner for these ventures. While no formal announcement can be made at this time, the Company is finalizing definitive agreements with the OEM and is confident that they will be completed soon. Over the past year, both organizations have proceeded with the mutual expectation that the business relationship will indeed move forward. The Company's engineering team has collaborated very closely with the OEM's engineering team to advance the development of both the cityZENN and LSV platforms. The Company has built-out a complete prototype of the LSV, initiated a rigorous testing procedure, and continues to fine-tune the end solution. A similar process is underway for the cityZENN. The Company is also working through all the various regulatory issues that need to be satisfied in order to bring these products to market. To facilitate these efforts, the Company has made significant investments this past year, and will continue to do so, to build up ZMC engineering resources and further accelerate the cityZENN and ZENNergy drivetrain programs.
At this point, the Company continues to work towards the initial introduction of the cityZENN in late 2009 with commercial availability currently anticipated in 2010.
The drivetrain development completed for the cityZENN, including joint development efforts with EEStor, create the building blocks for the ZENNergy drivetrain solutions that the Company will offer to other OEMs for inclusion in their product line-up. To this end, the Company has initiated discussions with numerous global OEMs, many of whom have expressed a keen interest, and will further these discussions in the months ahead. The Company's marketing team has also developed the ZENNergy.com microsite as an information tool on ZENNergy drive systems. In terms of retrofits, the focus has been on developing the drivetrains this year versus sourcing additional potential partners. ZMC had previously identified a number of potential initial partners, but will pursue those opportunities more fully once its ZENNergy drivetrain program is up and running.
With regards to the status of the commercialization of EEStor's energy storage technology, while ZMC is still awaiting the achievement of the final two contractual milestones, significant progress is being made by EEStor in terms of building out a full-scale production facility.
"While ZMC recognizes the frustration of its shareholders with the timeline towards commercialization," stated Ian Clifford, Chief Executive Officer," this is something simply beyond the Company's control. EEStor is building what management believes will be a groundbreaking technology that is expected to benefit not only our shareholders but the entire planet from an environmental, geopolitical and sociological perspective. It simply cannot happen soon enough and we continue to ready our product offerings to rapidly incorporate the EEStor technology as soon as it's available."
Statements in this news release that are not reported financial results or other historical information are "forwardlooking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements about our business outlook, strategies, product direction and assessment of market conditions. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "expect", "will", "believe", "anticipate", and other terms with similar meaning indicating possible future events or actions or potential impact on the business or shareholders of the Company.
These forward-looking statements are not guarantees of future performance. They are based on management's assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, delays in or failed commercialization of the EEStor energy storage technology, supplier agreements, technology developments, actions of competitors and Canadian dollar exchange rates. Additional factors are listed from time to time in the Company's filings on SEDAR with Canadian securities regulatory authorities, including those factors contained in the company's Annual Information Form filed on January 21, 2008, under the caption "Description of the Business - Risk Factors." All forward-looking statements in this news release are expressly qualified by information contained in the Company's filings with Canadian securities regulatory authorities. ZENN Motor Company Inc. disclaims any obligation to update or revise these forward-looking statements.
Any information about industry or general economic conditions contained in this news release is derived from third party sources that the Company believes are widely accepted and accurate; however, the Company has not independently verified this information and cannot assure its accuracy.
ABOUT ZENN MOTOR COMPANY (ZMC)
ZENN Motor Company, Toronto, Canada, is dedicated to being the global leader in zero emission transportation solutions for markets around the world. Driven by quality, ingenuity, and a philosophy of social responsibility, the ZMC team is redefining what is possible in both urban and business fleet transportation.
The ZENN(TM) (Zero Emission No Noise) provides an excellent alternative transportation solution for environmentally conscious drivers who want to dramatically reduce their operating costs and free themselves from dependence on oil. The current ZENN low speed vehicle is perfect for urban commuters and commercial fleets such as resorts, gated communities, airports, college and business campuses, municipalities, and parks and is sold through a network of retailers across the United States and directly by the Company in Quebec.
The planned commercialization and implementation of the ultra capacitor being developed by ZENN Motor Company's strategic partner EEStor, Inc., is expected to enable future ZMC vehicles and ZENNergy(TM) drivetrain powered vehicles to travel at speeds and distances similar to internal combustion powered vehicles but at a fraction of the cost and with zero emissions!
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