TORONTO, ONTARIO--(Marketwire - July 27, 2011) - In accordance with the policies of the TSX Venture Exchange, ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE:ZNN) announced today that, subject to regulatory approval, the Company has agreed to issue 72,500 common shares at a deemed price of $1.16 per share to a former employee in settlement of a disputed obligation. The shares will be subject to a 4-month hold period.
About ZENN Motor Company Inc.
ZENN Motor Company, Toronto, Canada, is dedicated to enabling emission-free, energy-efficient transportation. Working with EEStor's electrical energy storage units (EESUs) under development, ZMC aims to enable OEM and Tier 1 partners to deliver advanced electric transportation solutions to their customers. The Company has a Technology Agreement with EEStor that provides certain exclusive and nonexclusive rights to purchase and deploy EEStor's EESU technology, which rights are detailed in the Company's AIF.
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.
Contact Information:
Larry Goldberg
Chief Financial Officer
416-535-8395 ext. 210
lgoldberg@ZENNcars.com