|By Marketwired .||
|December 30, 2013 05:19 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/30/13 -- ZENN Motor Company Inc. (TSX VENTURE: ZNN) ("ZENN" or the "Company") announced today that it has completed its previously announced purchase of 502,344 Series A Preferred Shares of EEStor, Inc. and associated rights, effective December 20, 2013. In consideration for the purchase of the preferred shares ZENN has paid to the vendors US$1.5 million in cash and issued to the vendors 3,756,785 common shares of ZENN. All common shares of ZENN issued to the vendors are subject to a 4 month hold period. Based on EEStor share capitalization information provided to ZENN, the Series A Preferred Shares represent approximately 30% of the outstanding equity and voting shares of EEStor on an as-converted basis and following the purchase ZENN holds approximately 41% of the outstanding equity and voting shares of EEStor.
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