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TORONTO, ONTARIO -- (MARKET WIRE) -- 06/19/07 -- ZENN Motor Company (TSX VENTURE: ZNN), a leading electric vehicle manufacturing company, is pleased to announce that Steve Rodgers has joined the Board of Directors.
"On behalf of the Board and Management of the Company, I am extremely pleased to welcome Steve Rodgers to the Board" stated Rick McGraw, Chair of the Board. "Steve brings a number of strategic skills to the Company. He has both a global perspective and a very practical knowledge of what works in the automotive industry. He also has far reaching contacts within the automotive community with individuals and companies that ZENN will potentially conduct business with. These relationships will be of great value as ZENN pursues ever-expanding opportunities." added McGraw.
Mr. Rodgers is President of GS Global Solutions, a consulting company focused on finding solutions to deal with the rapidly changing automotive industry including such key drivers as global integration, supply chain transformation and changing technology including electric-drive solutions and power train evolution.
A 22 year career with leading automotive parts supplier Magna International and a seven year career with General Motors of Canada have provided Mr. Rodgers with a very comprehensive and wide-ranging insight into the global automotive industry.
In his most recent position at Magna, Mr. Rodgers was Vice President, Global Business Development covering the Asia-Pacific region focused on the countries of Japan, Korea, China, India and Thailand. Mr. Rodgers joined the Magna Corporate Office in August 2003 as Vice-President, Marketing and was appointed to the Asia-focused position in September 2006. During his years at Magna it grew from $400 Million in sales into the third largest Tier One Automotive supplier with sales exceeding $24 Billion.
Mr. Rodgers other activities include the Automotive Parts Manufacturers Association (APMA) where he served as Chairman from 2005 to 2007 and has recently been appointed to the Board of Directors of Exco Technologies Limited.
Mr. Rodgers holds a degree in engineering from Kettering University, and has lectured in industrial marketing at the Schulich School of Business.
In connection with Mr. Rodgers appointment, subject to regulatory approval, ZENN Motor Company has granted 100,000 options to Mr. Rodgers under its stock option plan. The options have an exercise price of $3.50 per share and will expire in five years on June 17, 2012.
Headquartered in Toronto, Canada, ZENN Motor Company is dedicated to producing zero-emission transportation solutions for global markets, including the revolutionary ZENN, the perfect vehicle for urban commuters, fleets (such as resorts, gated communities, airports, college and business campuses, municipalities, parks and more), the environmentally conscious driver, and consumers who just want to save money. The ZENN is sold through a growing network of retailers across the United States.
The ZENN is a fully electric low speed vehicle (LSV) with European styling and appointments that offers customers tremendous operational cost savings compared to a vehicle powered by an internal combustion engine. Recently named Best Urban Vehicle at the Michelin Bibendum Challenge, ZENN performed exceptionally well in all categories including excellent overall design, acceleration, braking, lowest power consumption and lowest noise level.
The potential commercialization of the Electrical Energy Storage Units being developed by ZENN Motor Company's strategic partner, EEStor Inc., in future ZENN vehicles will allow them to go as far and as fast as a traditional car at a fraction of the cost. Moreover, the ZENN electric vehicles will potentially have all of the benefits of an internal combustion vehicle without the harmful emissions, sensitivity to escalating gas prices, or noise pollution. This environmentally friendly alternative will help make the widespread concerns about oil dependency a thing of the past.
This document may contain forward-looking statements, relating to ZMC operations or to the environment in which it operates, which are based on ZMC operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond ZMC control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that may cause such differences include, but are not limited to, ZMC lack of operating profits, its dependence on key personnel, general economic conditions and other external events that may impact on consumer spending, competition from other low speed vehicle manufacturers and government regulation seeking to limit or restrict ZMC activities. More detailed information about these and other factors is included in ZMC 2006 Annual Information Form and other filings with the Canadian securities regulatory authorities. Consequently, readers should not place any undue reliance on such forward-looking statements. ZMC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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