TORONTO, ONTARIO--(Marketwired - Oct. 17, 2013) - ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company"), announced today an update regarding testing of layers produced by EEStor, Inc. ("EEStor") of Cedar Park, Texas. As previously disclosed testing of layers was conducted by third party experts retained by EEStor and a representative of ZENN was an observer during such testing. ZENN received the formal report from the independent tester and has been working to clarify and confirm the information in the report. ZENN was able to purchase from EEStor a few samples in order to conduct its own testing of layers. The layers purchased were manufactured on March 25, 2013 and on September 24, 2013. The layers provided to ZENN were different than the layers tested by EEStor, but were of a similar vintage to two of three layers tested. ZENN has also recently provided a modest amount of financial assistance to EEStor as it has been informed by EEStor of its challenging financial position.
ZENN asked its consultant to oversee testing at two different facilities and engaged an experienced testing expert to assist him in some of the tests. In the testing of the layers it purchased, ZENN has to date not been able to confirm similar results to those reported by EEStor's testing company on the EEStor tested layers. ZENN is taking steps to try to understand issues relating to testing and results however, the testing is very complex and there are many variables that could impact results. Although every effort is being made to do so, this process may not be completed expeditiously. The ability to produce verifiable information is critical to the path forward for ZENN.
So that the complete information is publicly available, ZENN has posted a copy of the full EEStor testing company report on its website at www.zenncars.com. ZENN has not validated or confirmed these results and caution should be exercised in placing any reliance on the test results and no inference should be made from the posting of the testing results.
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.