ZENN Motor Company Inc.

ZENN Motor Company Inc.
EEStor, Inc.

October 29, 2013 18:08 ET

ZENN and EEStor Announce Evans Capacitor Company to Assist in Independent Testing

TORONTO, ONTARIO and CEDAR PARK, TEXAS--(Marketwired - Oct. 29, 2013) - ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN") and EEStor, Inc. ("EEStor") announced today that Evans Capacitor Company of East Providence, Rhode Island ("Evans Capacitor") has agreed to assist both companies in developing testing protocols and to conduct independent testing of the EESU layers manufactured by EEStor and report on its comprehensive testing results. Evans Capacitor will have full access to EEStor facilities and personnel as well as EEStor's newly produced layers. There is significant complexity in the technology and the development of testing protocols. EEStor and ZENN understand that the use of independent third party experts to verify performance data and information is critical to the development of the EESUs. At this point, there is no specific timeline for an initial independent test report from Evans Capacitor.

As publicly reported by Evans Capacitor, it is an International Traffic in Arms Regulations (ITAR) registered company, supplying mission critical components to major defense and aerospace companies in the USA. Evans Capacitor manufactures high energy density capacitors for demanding defense and aerospace applications. Typical Evans Capacitor applications replace standard military capacitors, or augment batteries and power supplies where size, weight, reliability and quality are important factors of component selection. Evans Capacitor is ISO 9001 and AS9001 registered.

About ZENN Motor Company Inc.

The Company's goal is to be the provider of leading edge power storage solutions and related technologies to the transportation industry. Technologies and solutions, powered by EEStor's electrical energy storage units (EESU) have the potential to enable OEM and Tier 1 partners to deliver advanced electric transportation solutions to their customers.

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

About EEStor, Inc.

Headquartered in Cedar Park, Texas, EEStor, Inc. is dedicated to the design, development, and manufacture of high density energy storage devices. Utilizing revolutionary ultra -capacitor architecture and environmentally friendly materials, the EEStor technology will compete against existing battery technologies.

Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. Statements in this release related to the potential commercialization of the EEStor technology are subject to a number of risks and uncertainties, including the risk of development or production delays, the risk that the technology or devices may not perform as expected, component or raw materials delays or shortages, the ability to effectively manage operating expenses and manufacturing operations and the ability to maintain or raise sufficient capital to fund development and production goals. Actual results may differ materially from those expected in this release. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made. ZENN and EEStor do not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this press release, or to reflect the occurrence of unanticipated events.

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.

Contact Information

  • ZENN Motor Company Inc.
    Natasha Vandesluis
    Chief Financial Officer
    416-535-8395 ext. 220

    EEStor, Inc.
    Richard Weir
    President and CEO