ZENN Motor Company
TSX VENTURE : ZNN
March 28, 2008 16:39 ET
ZENN Motor Company Details Plans for Highway Capable ZENN Powered by EEStor!
TORONTO, ONTARIO--(Marketwire - March 28, 2008) - ZENN Motor Company Inc. (TSX VENTURE:ZNN) (the "Company"), a leading manufacturer of electric vehicles, held its Annual and Special Meeting of Shareholders at which time management updated shareholders with Company progress in 2007 and detailed future plans for EEStor implementation including specifications around a highway capable, fully electric cityZENN!
ZENN Motor Company's business will expand to include highway capable vehicles and international markets:
Target Launch of the cityZENN, powered by EEStor: Fall 2009
The cityZENN is planned to be a fully certified, highway capable vehicle with a top speed of 125 KPH/ 80 MPH and a range or 400 kilometres/250 miles. Powered by EEStor, the cityZENN will be rechargeable in less than 5 minutes, feature operating costs 1/10th of a typical internal combustion engine vehicle and be 100% emission-free! The Zero-Emission, No-Noise cityZENN will be designed to meet the transportation requirements of a large percentage of drivers worldwide.
"EEStor's game-changing energy storage technology is in the advanced stages of commercialization", stated Ian Clifford, Chief Executive Officer. "EEStor has publicly committed to commercialization in 2008 and their first production line will be used to supply ZENN Motor Company."
ZENN Motor Company also plans to expand its low-speed product lineup for the 2009 model year with a four-passenger and a utility LSV (Low-Speed Vehicle). Both products will dramatically increase ZMC's available target audience and potential market for LSVs.
The Company also plans to work with strategic OEMs to offer a ZENNergy drivetrain, powered by EEStor, in various vehicle platforms as ZENN branded vehicles. ZENNergy drive systems will also be developed for the retrofitting and conversion of existing internal combustion vehicles to electric drive. The Company's initial target for these retrofit kits will be large, high-profile fleet opportunities.
In order to capitalize on all future growth opportunities, the team has been diligently working on building awareness of the ZENN brand - with overwhelming success. ZENN Motor Company has garnered an impressive amount of international media coverage, and it is clear from both its customers and retailers that the Zero-Emission, No-Noise message resonates clearly with its target market. The current ZENN LSV is recognized as a leading, cost-effective, zero emission vehicle for urban travel.
The team has been assessing the relative merit and opportunities of different key markets globally and is defining the planned roll-out sequence including discussions with established dealer networks in major markets around the world.
The growing electric vehicle market represents a dynamic, truly global opportunity and ZENN Motor Company is excited to be a key player. In addition to the Company's exclusive technology agreement with EEStor for new vehicles up to 1400 kg (curb weight), and the global rights to ALL retrofit conversions of existing internal combustion vehicles to electric, the Company is also an equity investor in EEStor. EEStor's energy storage technology is THE key enabler of many clean technologies today: renewable energy; grid load-leveling; consumer electronics and security applications are ALL looking for a 'better battery.' EEStor is the enabler.
"I founded ZENN Motor Company with the vision of it becoming the global leader in zero emission vehicles, and that vision is being made a reality by the entire team at ZENN Motor Company and our energy storage partner, EEStor," stated Ian Clifford, Chief Executive Officer. "We have laid the foundation of a sustainable business with explosive growth opportunities. We are well-positioned to capitalize on the global imperative for zero-emission vehicles."
An archived podcast of the Annual and Special Meeting of Shareholders meeting may be found at www.ZENNcars.com and www.newswire.ca.
Statements in this news release that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements about our business outlook, strategies, product direction and assessment of market conditions. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "expect", "will", "believe", "anticipate", and other terms with similar meaning indicating possible future events or actions or potential impact on the business or shareholders of the Company.
These forward-looking statements are not guarantees of future performance. They are based on management's assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, supplier agreements, technology developments, actions of competitors and Canadian dollar exchange rates. Additional factors are listed from time to time in the Company's filings on SEDAR with Canadian securities regulatory authorities, including those factors contained in the company's Annual Information Form filed on January 21, 2008, under the caption "Description of the Business - Risk Factors." All forward-looking statements in this news release are expressly qualified by information contained in the company's filings with Canadian securities regulatory authorities. ZENN Motor Company Inc. disclaims any obligation to update or revise these forward-looking statements.
Any information about industry or general economic conditions contained in this news release is derived from third party sources that the company believes are widely accepted and accurate; however, the company has not independently verified this information and cannot assure its accuracy.
ABOUT ZENN MOTOR COMPANY (ZMC)
ZENN Motor Company, Toronto, Canada, is dedicated to being the global leader in zero emission vehicles. Driven by quality, ingenuity, and a philosophy of social responsibility, the ZMC team is dedicated to redefining what is possible in both urban and business fleet transportation.
The ZENN™ (Zero Emission No Noise) provides a complete, no-compromise transportation solution for those who want to dramatically reduce their operating costs, eliminate harmful emissions and free themselves from dependence on foreign oil. The current ZENN vehicle is perfect for urban commuters and commercial fleets such as resorts, gated communities, airports, college and business campuses, municipalities, parks and more!
The planned commercialization of the ultra capacitor being developed by ZENN Motor Company's strategic partner, EEStor Inc. for future ZENN vehicles will enable ZMC vehicles to travel at greater speeds and distances, just like a traditional car but at a fraction of the cost and with zero emissions!