ZENN Motor Company

ZENN Motor Company

July 14, 2009 09:20 ET

ZENN Motor Company Completes CDN $9.275 Million Financing

TORONTO, ONTARIO--(Marketwire - July 14, 2009) -


ZENN Motor Company Inc. ("the Company") (TSX VENTURE:ZNN)is pleased to announce that it has completed its previously announced short form prospectus offering of common shares. The offering was completed by a syndicate of agents led by Paradigm Capital Inc. and Thomas Weisel Partners Canada Inc. and including Versant Partners Inc. Pursuant to the offering, the Company issued and sold 2,650,000 shares at a price of $3.50 per share raising gross proceeds of CDN $9,275,000. Net proceeds from this financing, together with existing working capital, is expected to be used to fund product, customer and business development, a final milestone payment to EEStor, Inc. and operating expenses and general corporate purposes.

The shares were offered by way of a short form prospectus in the provinces of Alberta, British Columbia and Ontario and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the common shares in any jurisdiction, including the United States, or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of the common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The common shares being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person, absent U.S. registration or an applicable exemption therefrom.



ZENN Motor Company, Toronto, Canada, is dedicated to being the 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™ (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 ZENN vehicles and ZENNergy 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. Under its Technology Agreement with EEStor, ZMC holds the worldwide exclusive rights to incorporate EEStor's energy storage technology for new passenger vehicles up to 1,400 kilograms curb weight; golf cart and utility vehicles and the conversion of any class of used internal combustion 4-wheel vehicles to electric.

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.

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