TORONTO, ONTARIO--(Marketwired - Oct. 30, 2013) - Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company") announced today that it has requested and received an extension from the vendors until December 31, 2013 for the completion of the Company's proposed purchase of 502,344 shares of Series A Preferred Stock of EEStor, Inc. and associated rights. The transaction remains subject to a number of conditions, including ZENN's completion of equity financing to fund the cash portion of the purchase price.
ZENN also announced that it has applied to the TSX Venture Exchange for the further extension of the expiry date of 2,350,000 warrants issued to investors in connection with its April 13, 2012 private placement financing. The warrants are exercisable at $1.35 and, as a result of a recent extension, are to expire on October 31, 2013. ZENN proposes to extend such expiry date to December 10, 2013. The extension of the warrants is subject to TSX Venture Exchange approval.
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.
Information contained in this release relating to EEStor, Inc. or the energy storage technology being developed by EEStor has not been reviewed by EEStor and EEStor does not assume any responsibility for the accuracy or completeness of such information.
Unless otherwise indicated, public disclosures by EEStor of developments in the commercialization of its energy storage technology have not been independently verified by ZENN. 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.