TORONTO, ONTARIO, Dec 07 (MARKET WIRE) --
ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE: ZNN), a
leading developer of zero emission transportation solutions and
technologies, wishes to update its stakeholders regarding its
ZENNergy(TM) drive solutions development and low-speed vehicle (LSV)
operations.
As communicated in the Company's September 24, 2009 press release, the
primary focus for ZMC moving forward is the commercialization of its
ZENNergy(TM) drive solutions, powered by EEStor Inc.'s Electrical Energy
Storage Units (EESUs) and integrating third-party and proprietary
technologies being developed by the Company. This focus, which has long
been integral to the Company's plans, reflects the dramatic shifts that
have occurred within the automotive industry and the broad-based interest
in electric vehicle (EV) solutions. Central to this interest in EVs are
solutions that provide smaller, lighter, longer-lasting and less
expensive energy storage. ZENNergy(TM) drive represents such a solution.
With its ZENNergy(TM) solutions, the Company intends to become a key
supplier and partner with industry-leading Original Equipment
Manufacturers (OEM) and Tier 1 companies in the new, used and specialty
vehicle markets. Management believes that this approach represents both
the quickest and broadest market penetration opportunity by leveraging
the substantial manufacturing, distribution and service operations of the
established OEMs and other Tier 1 companies.
The ZENN, the Company's low-speed vehicle offering launched in 2006,
established the Company as an innovator in the electric vehicle industry.
As an early participant in the now-burgeoning EV space, the Company
successfully developed its EV-related engineering expertise, created
strong brand awareness and gained valuable practical experience in the
design, production and support of electric vehicles. With the increased
emphasis being placed on ZENNergy(TM) drive solutions, the Company
affirmed today that the 2010 model will be the final ZENN LSV model
produced and that it will cease production of the ZENN LSV by April 30th,
2010.
"The ZENN LSV remains a great mobility solution with a passionate
following" states Ian Clifford, Chief Executive Officer of ZENN Motor
Company. "We remain committed to ensuring that ZENN LSV customers are
supported and that we meet our obligations as a manufacturer. The
Company, together with its Retailers and service centers, plans to fully
support the ZENN's service requirements in the coming years as do ZMC's
parts suppliers."
"With the valuable experience we've gained and the tangible progress
EEStor has made over the past year, we are now confidently turning the
page in the evolution of ZENN Motor Company from a manufacturer of LSVs
into a Tier 1 supplier to automotive and specialty vehicle companies,
including other LSV OEMs, all of whom are in great need of a solution
such as that represented by ZENNergy(TM) drive," stated Clifford.
"Recognizing the significant emphasis government, industry and consumers
are placing on the electrification of transportation, we believe that our
ZENNergy(TM) strategy is extremely well-positioned."
About ZENN Motor Company Inc.
ZENN Motor Company, Toronto, Canada, is dedicated to being a global
leader in zero emission transportation solutions and technologies 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.
ZENNergy(TM) drive solutions, powered by EEStor's electrical energy
storage technology are expected to enable OEM and Tier 1 partners to
deliver advanced electric transportation solutions to their customers.
The Company has a Technology Agreement that provides certain exclusive
and non-exclusive rights to purchase and deploy EEStor's EESU technology
as follows (all of which apply to 4-wheeled vehicles using electricity as
energy for the vehicle's propulsion system):
- Exclusive rights for new passenger vehicles with a curb weight of up to
1,400 kilograms, net of battery weight (this does not include vehicles
that are classified as Sport Utility Vehicles, Pickups, Trucks, Trams,
Buses and certain high-performance sports cars with electric drive
systems of 100 continuous kilowatts or higher);
- Exclusive rights for neighbourhood electric vehicles (NEV) and golf
carts operating at a maximum speed of thirty (30) miles per hour and;
- Exclusive rights for utility vehicles having a maximum propulsion
system of 15 continuous kilowatts or a curb weight of up to 1400
kilograms, net of battery weight (this does not include vehicles that are
classified as Sport Utility Vehicles, Pickups, Trucks, Trams, Buses and
certain high-performance sports cars with electric drive systems of 100
continuous kilowatts or higher);
- Exclusive rights for the aftermarket conversion to ZENNergy(TM) drive
of any 4-wheeled vehicles currently using internal combustion,
electricity or a combination thereof for the vehicle's propulsion system,
and which have been previously licensed for road use for greater than
twelve (12) months.
- Non-exclusive rights to purchase and deploy EEStor's EESU in new
passenger vehicles with a curb weight over 1,400 kilograms, net of
battery weight (this does not include vehicles that are classified as
Sport Utility Vehicles, Pickups, Trucks, Trams, and Buses).
The rights that ZMC holds expire when the last applicable EEStor patent
expires.
Forward-looking Statement
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 claimed by EEStor 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; the Company could fail in its efforts to develop a viable
ZENNergy Drivetrain on a timely basis; 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; 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; 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.
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 ZMC'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.
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
Catherine Scrimgeour
Manager, Public Affairs
416-535-8395 ext. 201
cscrimgeour@ZENNcars.com
ZENN Motor Company
Ian Clifford
Chief Executive Officer
416-535-8395 ext. 202
Ian.clifford@ZENNcars.com
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