|By Marketwired .||
|May 19, 2014 07:20 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/19/14 -- ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company") announced today that, subject to regulatory approval, Mr. Kevin Spall has been appointed to the board of directors. Mr. Spall joins Mr. Stewart Somers and Mr. Ian Clifford following the previously announced resignations of Mr. James Kofman and Mr. Allan Gregg, which are both effective today. Mr. Clifford, ZENN founder, now assumes the role of Chief Executive Officer.
Mr. Spall has worked in financial services, corporate finance, mergers & acquisitions and business development, most recently specializing in alternative energy corporate finance, and has funded many leading clean technology companies and independent power producers in Canada. Currently, Mr. Spall is Senior Managing Partner of F12 Capital Inc., a Canadian merchant bank; a Managing Partner of Episolar Inc., a private company implementing a 50 MW AC solar installation in Ghana; and the President & CEO of Power Symmetry Inc., a private company working to provide solid state energy storage solutions to power producers and users.
Mr. Somers, Chairman of the Board stated: "As ZENN faces those challenges previously articulated, Kevin's proven expertise coupled with his extensive experience in clean technologies and related capital market funding will be of significant value. On behalf of our shareholders, I am very pleased to welcome Kevin to our Board and to express my thanks to Jim and Allan for their contributions to ZENN."
About ZENN Motor Company Inc.
The Company's goal is to be the provider of leading edge power storage solutions and related technologies. Through its 71.3% ownership of EEStor, ZENN is involved in the development of electrical energy storage units (EESUs) based on capacitors. Further, through its technology agreement with EEStor, ZENN has the exclusive rights to utilize the technology, if developed, in most vehicle applications.
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