ZNN ..For Sinbad
posted on
Jul 30, 2008 05:45AM
Creating shareholder wealth by advancing gold projects through the exploration and mine development cycle.
Sinner man..
This is what we have been waiting for...
Note in the last paragraph that shareholders(Thats us) will have a chance to share in the participation of this new technology..maybe a share of PP or some thing...bottom floor on this one..in early pays..
ZENN Motor Company
TSX VENTURE: ZNN
TORONTO, ONTARIO--(Marketwire - July 30, 2008) - ZENN Motor Company Inc.'s (TSX VENTURE:ZNN) (the "Company") goal to become the global leader in the development of zero emission vehicles including highway capable electric vehicles has moved a step closer as its strategic partner, EEStor Inc., announced Certification of Additional Key Production Milestones and Enhancement of Chemical Purity in a press release issued on July 29, 2008.
"Yesterday's announcement bodes well for EEStor's completion of its third party verified permittivity milestone and is a very strong affirmation of our investment in and the rapid progress of our business plan," stated Ian Clifford, Chief Executive Officer. "Energy Storage has always been the Achilles heel to the mass adoption of electric vehicles and EEStor technology is the "better battery" that the world has been waiting for. Every technology and industry reliant on electrical energy storage will potentially benefit from this."
The Company has exclusive rights to EEStor's technology in the following markets:
- ALL new vehicles up to 1400 kg (curb weight), net of battery weight;
- ALL retrofit conversions of existing internal combustion vehicles to electric;
- ALL golf carts and small to mid-sized utility vehicles
In March of 2008, ZENN Motor Company detailed its plans to fully prepare for the commercialization of EEStor's technology.
The cityZENN is planned to be a fully certified, highway capable vehicle with a top speed of 125 km/h/ 80 mph and a range of 400 kilometres/250 miles. An EEStor powered cityZENN would be rechargeable in less than 5 minutes, feature operating costs 1/10th of a typical internal combustion engine vehicle and be 100% emission-free!
The Company is working with strategic OEMs to offer a ZENNergyTM drivetrain, powered by EEStor, in various vehicle platforms as "Powered by ZENNergy" branded vehicles. ZENNergy drive systems will also be developed for the conversion of existing internal combustion vehicles to electric drive. The Company's initial target for these retrofit kits will be large, high-profile fleet opportunities.
The Company is also an equity investor in EEStor (3.8%) with the option of increasing its position upon EEStor's announcing third-party permittivity test results. If the Company elects to maximize its additional investment and subject to the investment decisions of the other EEStor investors, the Company's total minimum and maximum equity interest in EEStor would be in the range of approximately 6.2% to 10.5%.
While the Company has specific rights under the Technology Agreement noted above, the equity investment was made to provide ZENN shareholders with participation in the potential upside of other applications of EEStor's technology and is unrelated to the terms of the Technology Agreement.
ABOUT ZENN MOTOR COMPANY (ZMC)
www.ZENNcars.com
ZENN Motor Company, Toronto, Canada, is dedicated to being the global leader in zero emission vehicles. Driven by quality, ingenuity, and a philosophy of social responsibility, the ZMC team is dedicated to redefining what is possible in both urban and business fleet transportation.
The ZENNTM (Zero Emission No Noise) provides a complete, no-compromise transportation solution for those who want to dramatically reduce their operating costs, eliminate harmful emissions and free themselves from dependence on foreign oil. The current ZENN vehicle is perfect for urban commuters and commercial fleets such as resorts, gated communities, airports, college and business campuses, municipalities, parks and more!
The planned commercialization of the ultra capacitor being developed by ZENN Motor Company's strategic partner, EEStor Inc. for future ZENN vehicles will enable ZMC vehicles to travel at greater speeds and distances, just like a traditional car but at a fraction of the cost and with zero emissions!
Forward-looking Statement
Certain statements in this release may contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of ZENN Motor Company Inc. to be materially different from those expressed or implied by such forward-looking statements including but not limited to those risk factors discussed in the Company's most recent Annual Information Form. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. ZMC does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
For more information, please contact
ZENN Motor Company