ZENN Motor Company Reports 2013 First Quarter Results

Fri Mar 1, 2013 4:00pm EST

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Marketwire

ZENN Motor Company Inc.

March 1, 2013 - 04:00:00 PM

ZENN Motor Company Reports 2013 First Quarter Results

TORONTO, ONTARIO--(Marketwire - March 1, 2013) - ZENN Motor Company Inc. (TSX
VENTURE:ZNN) ("ZENN" or the "Company"), today announced its unaudited
financial results for the three months ended December 31, 2012. All amounts
are expressed in Canadian dollars.

Financial Results

In the three months ended December 31, 2012, net losses from continuing
operations were $320,317 or $0.01 per share. For the corresponding period in
the prior year, net losses from continuing operations were $365,790 or $0.01
per share.

At December 31, 2012, the Company had working capital of $1,323,067 and cash,
including cash, cash equivalents and short-term investments, totaling
$1,638,909, compared to working capital of $1,675,361 and cash of $1,937,592,
respectively, at September 30, 2012.

Additional Information

Readers are encouraged to read the Company's audited consolidated financial
statements for the years end September 30, 2012 and 2011, the corresponding
Management's Discussion and Analysis and the Company's Annual Information Form
dated January 24, 2013. All of these documents have been filed and are
available for viewing on SEDAR at www.sedar.com and posted on the Company's
website at www.ZENNcars.com.

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 transportation industry. The Company
also holds an equity interest in EEStor, Inc.

EEStor's electrical energy storage units ("EESU") which are under development
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 rights to purchase and deploy
EEStor's EESU technology which has been filed and is available for viewing on
SEDAR at www.sedar.com.

Forward-looking Statements

Certain statements in this release, other than statements of historical fact,
may include forward-looking information that involves various risks and
uncertainties that face the Company; such statements may contain such words as
"may", "would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions, and may be based on management's
current assumptions and expectations related to all aspects of the automotive
industry, consumer demand for zero emission transportation solutions and the
global economy. Risks and uncertainties that may face the Company include, but
are not restricted to: the EEStor energy storage technology may not be
successfully commercialized at all, in a manner providing the features and
benefits expected while under development, or on a timely basis or the Company
may not be able to successfully incorporate this technology into its current
or proposed products; steps taken by the Company to protect its proprietary
rights may not be adequate or third parties may infringe or misappropriate the
Company's proprietary rights; the Company has a history of losses from
operations and may not be able to obtain financing, if and when required, to
fund future expenditures for general administrative activities, including
sales and marketing and research and development, expansion, strategic
acquisitions or investment opportunities or to respond to competitive
pressures; competitors may develop products which offer greater benefits to
consumers, have greater market appeal or are more competitively priced than
those offered by the Company; the Company may be exposed to product liability
claims which exceed insurance policy limits; the Company is dependent on the
ability and experience of a relatively small number of key personnel; new
products introduced by the Company may not be accepted in the market or to the
extent projected; new laws and regulations may be enacted or existing ones may
be applied or governmental action may be taken in a manner which could limit
or curtail the production or sale of the Company's products; and the Company
may be negatively affected by reduced consumer spending due to the uncertainty
of economic and geopolitical conditions. These risks and uncertainties may
cause actual results to differ from information contained in this release,
when estimates and assumptions have been used to measure and report results.
There can be no assurance that any statements of forward-looking information
contained in this release will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such statements.

These and all subsequent written and oral statements containing
forward-looking information are based on the estimates and opinions of
management on the dates they are made and expressly qualified in their
entirety by this notice. Except as required by applicable laws, the Company
assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change. Readers are
cautioned not to place undue reliance on any statements of forward looking
information that speak only as of the date of this release. Additional
information identifying risks and uncertainties relating to the Company's
business are contained under the heading "Risk Factors" in the Company's
current Annual Information Form and its other filings with the various
Canadian securities regulators which are available online at www.sedar.com.

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.

Unless otherwise indicated, public disclosures by EEStor of developments in
the commercialization of its energy storage technology have not been
independently verified by ZENN. EEStor's energy storage technology is still
under development and a number of further development milestones must be
achieved before commercial viability can be established. There are significant
risks associated with the development of new technologies such as EEStor's
energy storage technology and readers are directed to the "Risk Factors"
disclosed in ZENN's most recent Annual Information Form filed on SEDAR.

FOR FURTHER INFORMATION PLEASE CONTACT: 
ZENN Motor Company Inc.
Natasha Vandesluis
Chief Financial Officer
416-535-8395 ext. 220
nvandesluis@zenncars.com
www.ZENNcars.com




        

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.
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