Press release from Marketwire
John Robert Wallace Joins Zenn Motor Company's Board of Directors
Wednesday, October 06, 2010
John Robert Wallace Joins Zenn Motor Company's Board of Directors10:21 EDT Wednesday, October 06, 2010TORONTO, ONTARIO--(Marketwire - Oct. 6, 2010) - ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE:ZNN) today announced that John Robert Wallace has been appointed to its Board of Directors."I'm very pleased to welcome a director of John's caliber to the Board and look forward to working with him," stated Richard McGraw, Chairman of ZMC. "John adds an impressive wealth of knowledge from his extensive background in the electric vehicle, energy storage and power electronics industries.""The potential of ZENN Motor Company is quite unique and is an exciting opportunity that I am delighted to be a part of," said Mr. Wallace. "Their strategy for enabling the mass adoption of electric vehicles through advanced energy storage and power efficiency solutions resonates with me and I look forward to contributing to the Company's achievement of its objectives."Mr. Wallace's 40 year career spans the transportation, semiconductor and energy storage industries. He is currently Chairman of Enova Systems and was previously the Chairman of the World Electric Vehicle Association and Chairman of the United States Advanced Battery Consortium. Among the other positions held by Mr. Wallace during his career were CEO at Xantrex Technology Inc., a publicly traded company (TSX) whose product lines included power converters for cleantech applications; 20 years with Ford Motor Company, ultimately as Executive Director, Sustainable Technologies where he was responsible for all electric drive activities for the entire family of Ford Motor Company brands; and Founder & President, Precision Micro Design which produced custom integrated circuits for Fortune 500 companies and was ultimately acquired by Perkin Elmer.Mr. Wallace received his BSEE and MSEE (Computer Science) from Rice University in 1969 and 1970, respectively.In connection with Mr. Wallace's appointment, subject to regulatory approval, ZMC has agreed to grant 100,000 options to Mr. Wallace with an exercise price to be fixed at the time of grant in accordance with the Company's stock option plan and which will expire in five years.Concurrent with the appointment of Mr. Wallace, Peter Mackechnie has resigned as a Director of the Company. A Director since 2006, Mr. Mackechnie provided valuable support to ZMC during its formative years and the Company and Board of Directors thank him for his contributions.About ZENN Motor Company Inc.ZENN Motor Company, Toronto, Canada, is dedicated to enabling emission-free, energy-efficient transportation through unique, yet widely applicable, technology offerings. Driven by quality, ingenuity and a philosophy of social responsibility, the ZMC team is redefining what is possible in the pursuit of zero emission 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.