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Message: Outlines Progress Towards Expanded Product Line-Up At Annual General Meeting
| March 26, 2009 |
| ZENN Motor Company Outlines Progress Towards Expanded Product Line-Up At Annual General Meeting |
| TORONTO, ONTARIO--(Marketwire - March 26, 2009) - ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE:ZNN), a leading developer of zero emission transportation solutions, held its Annual and Special Meeting of Shareholders at which time Management updated shareholders on the Company's progress towards its expanded product line-up, including the implementation of EEStor's technology into cityZENN and ZENNergy(TM) drivetrain offerings. Despite the current economic turmoil, ZENN Motor Company remains well-positioned to execute on its business plan of delivering advanced zero emission transportation solutions. The Company's original vision of an all-electric future is being validated on a daily basis by the traditional automotive manufacturers who are seeking to adapt to both consumer demands and government pressure for more fuel efficient and environmentally friendly vehicles. To that end, an unprecedented number of tax credits, research and development funds and rebates are being offered by governments in North America and around the world to support the emerging EV industry. Environmentally progressive and socially responsible transportation solutions are no longer seen as cost-prohibitive, but as drivers of the new economy. ZENN Motor Company's key strategic advantage is the planned utilization of EEStor Inc.'s disruptive energy storage technology currently under development. In preparation for this, ZENN Motor Company plans to expand its product lineup to include: - A four-seater low-speed vehicle (LSV) - The cityZENN, a fully-electric highway-capable vehicle - ZENNergy(TM) drivetrains - Retrofit kits for ICE Conversions To develop the cityZENN and LSV platforms, the Company met with numerous global OEMs, negotiated with a select few, and has selected a strategic partner for these ventures. While no formal announcement can be made at this time, the Company is finalizing definitive agreements with the OEM and is confident that they will be completed soon. Over the past year, both organizations have proceeded with the mutual expectation that the business relationship will indeed move forward. The Company's engineering team has collaborated very closely with the OEM's engineering team to advance the development of both the cityZENN and LSV platforms. The Company has built-out a complete prototype of the LSV, initiated a rigorous testing procedure, and continues to fine-tune the end solution. A similar process is underway for the cityZENN. The Company is also working through all the various regulatory issues that need to be satisfied in order to bring these products to market. To facilitate these efforts, the Company has made significant investments this past year, and will continue to do so, to build up ZMC engineering resources and further accelerate the cityZENN and ZENNergy drivetrain programs. At this point, the Company continues to work towards the initial introduction of the cityZENN in late 2009 with commercial availability currently anticipated in 2010. The drivetrain development completed for the cityZENN, including joint development efforts with EEStor, create the building blocks for the ZENNergy drivetrain solutions that the Company will offer to other OEMs for inclusion in their product line-up. To this end, the Company has initiated discussions with numerous global OEMs, many of whom have expressed a keen interest, and will further these discussions in the months ahead. The Company's marketing team has also developed the ZENNergy.com microsite as an information tool on ZENNergy drive systems. In terms of retrofits, the focus has been on developing the drivetrains this year versus sourcing additional potential partners. ZMC had previously identified a number of potential initial partners, but will pursue those opportunities more fully once its ZENNergy drivetrain program is up and running. With regards to the status of the commercialization of EEStor's energy storage technology, while ZMC is still awaiting the achievement of the final two contractual milestones, significant progress is being made by EEStor in terms of building out a full-scale production facility. "While ZMC recognizes the frustration of its shareholders with the timeline towards commercialization," stated Ian Clifford, Chief Executive Officer," this is something simply beyond the Company's control. EEStor is building what management believes will be a groundbreaking technology that is expected to benefit not only our shareholders but the entire planet from an environmental, geopolitical and sociological perspective. It simply cannot happen soon enough and we continue to ready our product offerings to rapidly incorporate the EEStor technology as soon as it's available." An archived podcast of the Annual and Special Meeting of Shareholders meeting will be available at www.ZENNcars.com and www.newswire.ca. |
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