TORONTO, ONTARIO -- (Marketwired) -- 06/04/14 -- ZENN Motor Company Inc. (TSX VENTURE: ZNN) ("ZENN" or the "Company") today announced that, subject to regulatory approval, Mr. Paul Mesburis has been appointed to the EEStor Board as one of two independent nominees ZENN is entitled to appoint to the six member board. Mr. Stewart Somers, Chairman of ZENN and EEStor stated: "I am pleased that Paul Mesburis is joining the EEStor Board as an independent nominee of ZENN. Currently ZENN is represented by Ian Clifford and myself with Dick Weir and Greg Gooch, who is a nominee of the Weir family. Pursuant to the agreements governing the nomination of EEStor directors, ZENN has the right to nominate one further independent director. Paul brings the necessary expertise and experience to our 73.1% owned subsidiary and we look forward to working with him to address EEStor's and ZENN's immediate challenges."
Paul Mesburis, MBA, CA, CPA, CFA, is an experienced business executive, accomplished in all aspects of corporate finance, portfolio management, and M&A/investment banking. Paul has a long career of establishing partnerships and interfaces with market constituents including institutional/retail investors, banks, credit rating agencies, and financial media. He possesses extensive experience in designing proactive business strategies to arrive at creative solutions and combines an action-oriented management style with the ability to balance a broad business perspective.
The Company also announced that it has granted options to acquire an aggregate of 1,410,000 common shares to officers, directors and employees of the Company and EEStor under ZENN's stock option plan. Each option is exercisable to acquire one common share at a price of $0.32. The options vest equally over a twelve month period and will expire five years from the date of grant.
About ZENN Motor Company Inc.
ZENN's mission is to be the provider of leading edge energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is being recalibrated to focus on licensing and partnership opportunities across a broad spectrum of industries and applications if, as and when its technology achievements have been independently validated.
The Company holds an approximate 71.3% equity and voting interest and certain technology rights to an energy storage technology currently under development by EEStor, Inc. ("EEStor"). The acquisition of the controlling interest in EEStor aligns the businesses of both companies and allows ZENN to benefit from other revenue streams that might be available to EEStor, including applications not limited to high density energy storage.
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.
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.
Natasha Vandesluis
Chief Financial Officer
416-535-8395 ext. 220
nvandesluis@zenncars.com