ZENN Motor Company Completes Private Placement

Mon Apr 16, 2012 4:30pm EDT

* Reuters is not responsible for the content in this press release.

  TORONTO, ONTARIO, Apr 16 (MARKET WIRE) --
ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company") is
pleased to announce that its previously announced non-brokered private
placement has been completed. The Company has issued and sold 2,350,000
units at a price of $0.85 per unit raising gross proceeds of $1,997,500.
Each unit consisted of one common share and one common share purchase
warrant. Each share purchase warrant entitles the holder to acquire one
common share at a price of $1.35 until October 13, 2013.

    ZENN has paid cash finder's fees of $139,825 and issued 164,500 finder's
warrants in connection with the offering. Each finder's warrant entitles
the holder to acquire one common share at a price of $1.35 until October
13, 2013. All securities issued pursuant to the private placement are
subject to a 4-month hold period.

    ZENN intends to use the net proceeds from this offering for working
capital and general corporate purposes.

    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.
The Company's Technology Agreement with EEStor provides certain exclusive
and non- exclusive rights to purchase and deploy EEStor's EESU
technology, which rights are detailed in the Company's AIF.

    Information contained in this release relating to 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
vantoine@zenncars.com

ZENN Motor Company Inc.
Natasha Vandesluis
Chief Financial Officer
416-535-8395 ext. 220
nvandesluis@zenncars.com

Copyright 2012, Market Wire, All rights reserved.

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