TORONTO, ONTARIO--(Marketwired - Oct. 31, 2013) -
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ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company") is pleased to announce that registered dealers, acting as finders for the Company's previously announced non-brokered private placement, have advised the Company that they have received client orders in excess of the Company's Cdn$3.0 million minimum for the offering. These client orders are non-binding and are subject to the execution of subscription agreements between the Company and the subscribers, which are in the process of being circulated. Based on interest received, it is now expected that the offering will be completed on or about November 12, 2013. The private placement remains subject to approval of the TSX Venture Exchange.
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.