|By Marketwired .||
|December 17, 2013 11:18 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/17/13 -- ZENN Motor Company Inc. (TSX VENTURE: ZNN) ("ZENN" or the "Company") announced today that it has agreed with the vendors of Series A Preferred shares of EEStor, Inc. and associated rights under ZENN's previously announced proposed purchase, to amendments to the purchase price for the shares. The prior purchase consideration has been amended from US$2.0 million in cash and 3.0 million ZENN common shares to US$1.5 million in cash and 3,756,785 ZENN common shares. The amendments to the purchase consideration are subject to TSX Venture Exchange approval. It is anticipated that the transaction will be completed on or prior to December 20, 2013.
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.
ZENN Motor Company Inc.
Chief Financial Officer
416-535-8395 ext. 220