The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

ZENN Motor Company Announces Departure of CFO

Tuesday, May 04, 2010

ZENN Motor Company Announces Departure of CFO17:38 EDT Tuesday, May 04, 2010TORONTO, ONTARIO--(Marketwire - May 4, 2010) - ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE:ZNN) a leading enabler of zero emission transportation solutions, today announced the resignation of Lawrence Schreiner, its Chief Financial Officer. Mr. Schreiner will leave the Company at the end of July to pursue other business interests. The Company has initiated a search for a new CFO."Mr. Schreiner joined the Company in late 2005 and became CFO in January 2006 when the Company became a publicly traded entity," stated Ian Clifford, CEO of the Company. "His experience with both early-stage and larger public enterprise, together with his broad management skills, have been invaluable assets for the Company. We will miss him and wish him well in his new pursuits."About ZENN Motor Company Inc.ZENN Motor Company, Toronto, Canada, is dedicated to being a global leader in enabling zero emission transportation solutions for markets around the world. Driven by quality, ingenuity and a philosophy of social responsibility, the ZMC team is redefining what is possible in the electrification of transportation.ZENNergy technologies and solutions, to be powered by EEStor's electrical energy storage units (EESU) are expected 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 non- exclusive rights to purchase and deploy EEStor's EESU technology, which rights are detailed in the Company's AIF.Forward-looking StatementsCertain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties that face the Company; such statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, and may be based on management's current assumptions and expectations related to all aspects of the automotive industry, consumer demand for zero emission transportation solutions and the global economy. Risks and uncertainties that may face the Company include, but are not restricted to: the EEStor energy storage technology may not be successfully commercialized at all, in a manner providing the features and benefits expected while under development, or on a timely basis or the Company may not be able to successfully incorporate this technology into its current or proposed products; the Company could fail in its efforts to develop viable ZENNergy technologies and solutions or do so on a timely basis; steps taken by the Company to protect its proprietary rights may not be adequate or third parties may infringe or misappropriate the Company's proprietary rights; the Company has a history of losses from operations and may not be able to obtain financing, if and when required, to fund future expenditures for general administrative activities, including sales and marketing and research and development, expansion, strategic acquisitions or investment opportunities or to respond to competitive pressures; competitors may develop products which offer greater benefits to consumers, have greater market appeal or are more competitively priced than those offered by the Company; the Company may be exposed to product liability claims which exceed insurance policy limits; the Company is dependent on the ability and experience of a relatively small number of key personnel; new products introduced by the Company may not be accepted in the market or to the extent projected; new laws and regulations may be enacted or existing ones may be applied or governmental action may be taken in a manner which could limit or curtail the production or sale of the Company's products; and the Company may be negatively affected by reduced consumer spending due to the uncertainty of economic and geopolitical conditions. These risks and uncertainties may cause actual results to differ from information contained in this release, when estimates and assumptions have been used to measure and report results. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by applicable laws, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Readers are cautioned not to place undue reliance on any statements of forward looking information that speak only as of the date of this release. Additional information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in ZMC's current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com.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.FOR FURTHER INFORMATION PLEASE CONTACT: ZENN Motor Company Inc. Catherine Scrimgeour Manager, Public Affairs 416-535-8395 ext. 201 cscrimgeour@ZENNcars.com or ZENN Motor Company Inc. Ian Clifford Chief Executive Officer 416-535-8395 ext. 202 ian.clifford@zenncars.com 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.