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Message: Reports Second Quarter 2009 Results
| May 27, 2009 |
| ZENN Motor Company Reports Second Quarter 2009 Results |
| TORONTO, ONTARIO--(Marketwire - May 27, 2009) - ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE:ZNN) a leading developer of zero emission transportation solutions and technologies, today announced its financial results for the three and six months ended March 31, 2009. All amounts are expressed in Canadian dollars unless otherwise indicated. For the three and six months ended March 31, 2009 gross revenues were $391,227 and $936,619, respectively (2008 - $740,748 and $1,641,172, respectively). Net losses for the three and six month periods were $1,973,015 or $(0.05) per share and $3,759,387 or $(0.11) per share compared with net losses of $1,837,940 or $(0.06) per share and $3,515,602 or $(0.12) per share for the corresponding periods in the prior year. At March 31, 2009 the Company had working capital of $12,373,427 including cash, cash equivalents and short-term investments totaling $10,804,427 compared to $15,068,689 and $14,686,100, respectively, at September 30, 2008. "Revenue in the quarter reflects the general malaise of the auto industry." said Ian Clifford, CEO of the Company. "Fortunately, the Company's strong balance sheet allowed us to continue to invest and make progress in a number of key areas, such as the development of the ZENNergy(TM) drivetrain and cityZENN(TM) projects which are integral parts of the Company's strategy, especially with the planned commercialization of EEStor's energy storage technology." "On May 21, 2009 the Company confirmed EEStor's permittivity test results which exceeded the target level stipulated in our Technology Agreement with EEStor by over 21 percent," said Clifford. "The permittivity milestone is significant for the Company as it gives us a clearer line of sight to the delivery of a production quality Electrical Energy Storage Unit (EESU) from EEStor. According to EEStor, the EESU is expected to outperform every chemical battery on the market in terms of energy density, charge time, cost, and overall performance. In addition to our exclusive automotive applications, our equity position in EEStor gives our shareholders a stake in the many potential mass applications EEStor can pursue such as powering portable consumer electronics, improving the performance of renewable energy sources such as wind and solar generation, and increasing the efficiency and stability of power grids around the world. The milestone not only triggers a payment of US$700,000 under our Technology Agreement but also the Company's investment option in EEStor and we are currently assessing the opportunity to increase our equity position to the maximum extent possible." "We believe that the widespread interest by consumers, governments and manufacturers in environmentally friendly, sustainable and cost-effective solutions bodes well for the future of the EV industry and the role that ZMC can play," said Clifford. Additional Information Readers are encouraged to read the Company's unaudited consolidated financial statements for the three and six months ended March 31, 2009 and the corresponding Management's Discussion and Analysis both of which have been filed on SEDAR at www.sedar.com and posted on the Company's website at www.ZENNcars.com. 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. The ZENN(TM) (Zero Emission No Noise) provides an excellent alternative transportation solution for environmentally conscious drivers who want to dramatically reduce their operating costs and free themselves from dependence on oil. The current ZENN low speed vehicle is perfect for urban commuters and commercial fleets such as resorts, gated communities, airports, college and business campuses, municipalities, and parks and is sold through a network of retailers across the United States and directly by the Company in Quebec. The planned commercialization and implementation of the ultra capacitor being developed by ZENN Motor Company's strategic partner EEStor, Inc., is expected to enable future ZMC vehicles and ZENNergy(TM) drivetrain powered vehicles to travel at speeds and distances similar to internal combustion powered vehicles but at a fraction of the cost and with zero emissions! |
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